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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 683.47

+0.6%

Nov 28 4:00 PM EST

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To: pater tenebrarum who wrote (14266)	5/18/1999 9:24:00 AM
From: Lee Lichterman III	Read Replies (1) of 99985

>>the market could just as well surprise to the upside once again.<< Well my automated candle read agrees with you. It is updated at the MDA site but the short version is that the NASDAQ, SPX and RUT all gave bullish reversal signals yesterday. I am sidelined for the week as I am working in the area where I can't even get quotes or news again. They just finally announced it on the news here so the cat is out of the bag but we are deploying another couple units to Kosovo soon which means I have to work in the Battle Staff. No outside lines or computers allowed. Arggh!!!! Housing starts dropped 14% inthe Midwest and Eastern US. One of the largest drops in a decade except for 1994. When I ran my charts last night, the internets looked good but the Bank sector is where my attention was drawn right off the bat. Life is getting interesting there. We also need to keep in mind how many of the puts this week were dumped tothe little guy and/or closed out as yesterday's dip occured and will they now rally it up to make the remaining ones worthless? I am so busy I haven't had time to compute the Max Pain on the OEX or other indexes yet. I am having a hard time finding downward fork I like here. However, yesterday's bounce gave a chance that the old forks could still be valid inwhich case, we could have one heck of a short term rally as we got back in over the short term. It could prove to be one heck of a sucker rally as options were closed, rolled out to the unknowing then short positions taken for Don's ride back down later this month. I just find it interesting that most of the stocks I am trying to fork downwards don't want to have any of them fit well yet if there was more time before the downturn, they would fall right into place. Coincidence???? Good Luck, Lee

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