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Strategies & Market Trends : MDA - Market Direction Analysis

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To: bobby beara who wrote (14673)	5/23/1999 3:24:00 AM
From: Lee Lichterman III	Read Replies (2) of 99985

Well, I have been wrestling my web site (too many charts, too little disk space usage allowed <ggg>) all night so I haven't finished my analysis yet however ... As you have noted, to put it simply most tech stock charts and those of the former leaders like GE, WMT etc look horrible. One thing I would like to note though and if GZ is lurking, I believe he tracks High/Lows and TRIN so input from him would be valuable. My NYSE TRIN Chart shows that it is in the range of reversal which usually indicates a rally coming. Now this level has been surpassed during strong selloffs such as last summer etc but most of the time it reverses and the market surges upward fairly reliably. This said, I don't see many bullish charts. Anyone seeing a sector that looks strong????? I do show many techs sitting on supports and the indexes themselves also look like they could bounce but you have to have individual stocks to move an index. The volume on climbs the last two weeks was small and there was high volume on the drops. Not exactly bullish. I also have an extremely large number of triangles and wedges on the charts this weekend. What ever way we go, we should move fast and hard. I am looking forward to the chat session. My personal view going in is there will be a rise this week based on technical bounces and the TRIN chart followed by a large drop probably next week or shortly there after. I did get a few more buy signals on a few things but the market believe it or not is still coming up withmore over bought issues than over sold on my scans. The Trannies were nasty last week but I have a few signs of last gasp moves in the Banks. I need to look harder but since I hadn't said anything the last few days, figured I would post something. I have to go tomeetings and classes all Monday so I am sure a huge move will happen while I am away. <ng> Good Luck and chat with you tomorrow night. Lee

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