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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Patrick Slevin who wrote (23143)	5/14/1999 8:56:00 AM
From: donald sew	Read Replies (1) of 44573

Hi Patrick, >>>>> Judging by the way Globex is dropping I imagine the Inflation numbers were just peachy. <<<< Yeah, the dipsters will come in again but I think sooner than later the dipsters will get tired. What I fear is the possibility of a long drawn out downtrend where the HIGHs get lower and the LOWS get lower but slowly since everytime we dip the BULLs will say its a buying opportunity. Many dont realise it or they wont accept it, but for the last month on a averaging basis the overall market has not gone anywhere. The media is really putting too much emphasis on the DOW which has been up about 600 points but the NAZ/DOT have been down and the SPX slightly flat. When they can push the DOW up 100 points on the back of 1 stock Im not sure that is a sign of a great market. Dont get me wrong, if there is a nice pullback there will be a buying opportunity in certain areas but I do not think on a averaging perspective that the market will set significant new highs. The DOW may set new highs but at the expense of the NAZ. The recent rise in the DOW was mainly on the back of the cyclicals and basic materials, which only have a average daily volume of less than 2 million shares. Dell probably trades more on a daily basis than all the basic material stocks in the DOW(ALD,UK,IP,DD,ETC). So the question is did many really benefit with the DOW running up 600 points when the HiTechs and especially the internets sold off. seeya

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