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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: donald sew who wrote (16102)	6/5/1999 11:33:00 AM
From: Lee Lichterman III	Read Replies (2) of 99985

I hope to write a novel this weekend to go into more detail but I can argue both sides of this unfortunatly. I have short term over bought signals on many issues and indexes but also have multiple buy signals on my system and no hard short signals. A lot of issues bounced off their 200 DMAs or my trend/fork lines and bounced hard. Also many issues broke out of their downtrends Friday like EMC, LU, NOK. Like I said I can argue both sides too like WMT which was the beneficery of the RLX breaking out of that descending triangle yet formed a doji star Friday with short term topping over bought signals. This is a very mixed market right now. As for the indexes, many show the potential for a short term rally lasting a few days next week minimum while a few others look like they are already getting tired and are ready to drop. Is this going to be another period of sector rotation???? The TYX looks like it may have reached a short term top judging from it's candle stick. I will probably have to eat some crow in front of OJ as I got some buy signals on the nuts but can't get a good read if it will be a short term bounce or the beginning of a substantial rally. The pick we both had SFE, made a tweezer bottom so it could have put in a firm bottom here. To put it in a brief way, I can point to a stock ready to top out this week and drop for every stock I can point to that is about to rally upwards. I found a fork I am pretty confident on the SPX that is upwards. The other indexes are being a little more stubborn as I can see there is something else there but I can't quite nail it down. Also this pattern is bearing a lot of resembance to last June/July where we bounced briefly before the big hard drop later. I will be updatingthe MDA page daily charts shortly and should have the weekly charts done in a couple hours. Good Luck, Lee PS - Unfortunatley, the one I went short one looks like one of the ones that will rally a few days before turning back down <ng>

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