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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 671.910.0%Nov 14 4:00 PM EST
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To: Chip McVickar who wrote (16046)6/4/1999 7:23:00 PM
From: bearshark  Read Replies (2) of 99985
 
Chip:

I read your notes and I do follow issues to some extent. I have not used that calculation or I do not use it anymore. I cannot remember which.. I may have also used it for volume. Several calculations I had to eliminate because others worked well. I will try it out to see what happens. However, I consider volume to be more important than issues.

In my opinion, volume will lead a successful market. Prior to this decline, issues had taken the lead in the market and it was trying to drag volume with it.

The little formation in the Nasdaq is too distorted for my liking. The one I saw on the INDU today was a little sloppy but it met the requirements. (Of course there was no volume to go with it, which leaves out an important part of the determination.)

Here is the formation on the INDU. beta.iqc.com

You can start with the morning of the 27th. The end of the 1st looks a little ugly but if you clean that off you have a nice formation. I guess it was the morning of the 3rd that there was a breakout from the formation. By the end of the 3rd it came back and tested the neck. And then moved up out of the formation.into a little pennant. I do not like to consider formations without the volume but this pattern was very typical.

I am primarily a position trader because I cannot devote the time needed to be a day trader. However, I am toying with a few things during the day.
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