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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 659.00+1.0%4:00 PM EST

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To: Vitas who wrote (15416)5/31/1999 1:39:00 PM
From: bobby beara  Read Replies (2) of 99985
 
>>>intermediate term the trend is down<<<<

Vitas, besides MSFT I would watch AOL, nyse's consistently most active stock, it punched thru 112 support on the 26th and climbed back above support and closed near the high on big volume, buyers are supporting the stock around support and we are narrowing to a point of the descending triangle, with the market this oversold I doubt this bearish pattern will be fulfilled. Bonds are oversold and should at least consolidate here, relieving some of the interest rate tension.

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