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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 652.56

-1.5%

Nov 20 4:00 PM EST

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To: HairBall who wrote (13266)	5/8/1999 11:45:00 AM
From: jjs_ynot	Read Replies (1) of 99985

MACD UPDATE: Intermediate Trend: IIX - Strongly Down DOT - Strongly Down OEX - Down SPX - Down COMPX- Down NDX - Down TYX - Up (interest rates increasing) DOW - Up RUT - Up HFX - Up XAU - Up Thus, minimal change from last week as I indicated that the whipsaw in the intermediate trend could not continue. The ambiguous downtrend signals of last week have been confirmed. Market Strength is concentrated in those segments that have a positive response to a modest pickup in inflation - Gold, Cyclicals (Dow with Oils, etc.), and small companies that can't borrow at great rates so are more sensitive to economic activity than borrowing cost. EXTREME caution is warranted on the long side at this juncture from my MACD perspective.

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