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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

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Nov 28 4:00 PM EST

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To: pater tenebrarum who wrote (13166)	5/7/1999 2:02:00 PM
From: Robert Graham	Read Replies (1) of 99985

When the market arriving at pivotal points, much of the time it is a news item that moves the market. Or the market can even create it own news. It is a reason to sell or buy which they were predisposed to already before the actual news event. Also when the market is looking for direction, news reports become more important. The market always looks for leadership, or even a clue to the anticipated future. Today the market talked to us. It told us it is not ready to go up right now even though I think the very short term bias is up. But to the market the larger picture is shifting and this is what is making the market nervous which is in part evidenced by the non-performance of key leadership issues and the breaking into new ground by the long bond interest rate. The first sign that the market gave us happened when money predictably reentered the Internets after a bottom was found by the market. The market did not rally at this point, and some of those same issues encountered additional selling. The second sign was the gap up openings where many were quickly filled. And this happened at the time a good economic report was released. Further evidence that a continued downward bias can predominate for the interim. I am watching the NASDAQ today. I am still looking for an upside breakout even though I think the follow through is in question. This breakout may take a few days to unfold. I think for now it is a good time to keep watch on important supports. Just some thoughts. Bob Graham

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