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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: HairBall who wrote (17648)	6/17/1999 5:40:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 99985

My charts are now updated and I also updated the weekly charts so we could see how they fit in the longer term scale of things. Right now the QQQ and GE along with a few other indices and stocks broke through some important resistance areas but one day breaks aren't to be trusted. Right now there is a HUGE number of stocks right at resistance levels and the key to if this bounce is genuine will be decided by what they do. If they retreat off those lines under the cover story of "profit taking", then this market was raised to be shorted. If they are broken to the upside, then this rally could last a while although I doubt it will last too long. The FOMC meeting is less than 2 weeks away, Bonds closed on their low today and not everyone believes that CPI report. Many people think the Fed should have never dropped the rate the last time and may even take two of the cuts back. I am guardedly bullish short term but am worried about the market being higher than the OEX Max Pain level. Will they have to tank it by Friday's close or did they hedge while we were lower the last few days? HEX and Biotech index is pushing it's upper lines. Many of my short term indicators have already retraced half way back up so this rally could end after tomorrow in them. I also don't like how many of the strongest movers are the stocks that have IMO the weakest fundamentals. Internets, Semis (does anyone really think they will ever grow earnings at a rate that their PE levels suggest, give me a break) and Semi equips,the original heart breakers ( a good quarter or two then back into the dumpster). The semis and equip stocks have run this cycle so many times, it is hard to believe that anyone still buys these things (quick, someone hit me in the head with a hammer, I forgot how much it hurt the 1st, 2nd, and 3rd time). I guess they go to show the final products of our school system <ng> LG, regarding the hit counters, I noticed a couple weeks ago that Don's had reset and yours also. Good Luck, Lee