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

To: bobby beara who wrote (18090)	6/21/1999 7:57:00 PM
From: pater tenebrarum	Read Replies (4) \| Respond to of 99985

Bobby, not only is the VIX now oversold, but the CBOE total ratio has turned rather bearish and PVI has given a sell signal today (see tomorrow's sentiment page for details; should be ready 1 1/2 hrs. before market opens). so even a severe pullback seems possible, to eradicate some of this surge in bullishness; i guess some further weakness in the bond could do the trick. as you say, we'll see how the market handles it. specifically i would watch what happens to all those stocks that have broken out to new highs recently. if they return to their breakout points and then reverse back up, all is well. we'll see how the options data develop on a pullback, but friday's and today's data taken together argue for a bleak short term outlook. regards, hb