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

To: Vitas who wrote (19538)	7/7/1999 2:31:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 99985

I se the same so far but I want to gauge the extent of this pull back and see how fast my short term indicators move in relation to the drops in prices. I saw a lot of high volume on many issues today as they reversed which worried me a bit. I also show that the pullback has barely begun from my TRIN chart so far.. I still feel the trend is up as you do with a short term pullback but there are numerous warning signs that need to be watched. I caught one issue I was looking to buy later this week slowly climb up all day only to give it all back plus a few points more in a matter of a couple minutes. Weakness like that is not what I expect to see in an upward market. MSFT and WCOM were also weak. GE held up fairly well though so there are mixed signals as always. RLX retail looked like a perfect pullback off my top fork tine but WMT reported good earnings after the close so I will be watching to see how the retailers hold up as they are caught between good news and a weaker market. I think this combined with watching the affect of YHOO's report tomorrow will tell us much about the coming weeks. Of course today's action also put more gravestone dojis onthe charts than you could shake a stick at so the extreme short term trend should be down. Still I see the possibility of a few stocks having multiple reversals back up, double or triple tapping some resistance lines before giving it up. AS said before, it will be those that are choosiest intheir picks that benefit as these rallies get thinner and thinner and the pullbacks affect more and more of the issues. Good Luck, Lee