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

To: Les H who wrote (18196)	6/22/1999 6:22:00 PM
From: Haim R. Branisteanu	Respond to of 99985

Less, IMHO, bonds will recover only after a substantial market slide. I do anticipate lower rates in Q4 1999 and the rest of Y2K. Fully loaded (not leveraged)with bonds at those levels. BWDIK HAim

To: Les H who wrote (18196)	6/22/1999 7:51:00 PM
From: Les H	Respond to of 99985

BOTTOM LINE ON THE MARKET. June 21, 1999 ORD ORACLE. Last Wednesday a +680 uptick reading was recorded at the 1345 area on the September S&P's. Thursday a +680 uptick was recorded at the 1355 level. Uptick readings exceeding +600 appear near short-term tops. We were anticipating a bearish candlestick pattern to form on the day of the second high uptick reading day or the day after as that is normally what happens. That condition would have triggered a sell signal. However the bearish candlestick pattern never appear until today. Today a bearish "Rickshaw Man" was drawn. "Rickshaw Man" have a good history of picking highs. All or our other indicators suggest we are near a short-term top. The "5 day ARMS" reading has stayed near "4.00" since last Thursday and closed today at "4.14". Readings near "4.00" appear near short term tops. The "Percent Volume Indicator" closed today at .588. Readings near .57 appear near short-term tops. The market should have a pull back starting now. The first area of support is 1337 on the September S&P's and the next area of support is the 1320.