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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 21 4:00 PM EST

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To: James F. Hopkins who wrote (16170)	6/6/1999 12:31:00 AM
From: Berney	Read Replies (5) of 99985

Jim, You will get your just reward as no good deed goes ... unpunished! Now, let's look at the market. I've noted that I've come to understand that it rests on a four legged stool -- drugs, financial, retail and technology. Let's look at that "anemic" volume Friday and price action using the SI figures: FRIDAY AVERAGE INCREASE VOLUME VOLUME Drugs: MRK 3.4% 5.6M 5.3M PFE 6.1% 5.5M 4.1M Financials: AXP 3.0% 1.3M 1.8M C 3.4% 8.8M 12.8M CMB 3.8% 4.2M 3.5M Retail: WMT 1.1% 5.5M 8.5M Technology: CSCO 5.6% 10.6M 13.0M DELL 2.1% 20.1M 31.8M INTC 5.3% 25.1M 25.7M MSFT 4.2% 17.8M 29.3M I only ask because I'm still not convinced whether the chicken or the egg comes first. Does price lead volume or does volume lead price? Berney

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