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

To: GROUND ZERO™ who wrote (19949)	7/12/1999 8:35:00 PM
From: Les H	Respond to of 99985

WHAT TO EXPECT NOW. Ord Oracle. For very short term the September S&P's appears to be in a consolidation that started July 6. This consolidation pattern may last a couple more days. The "5 day ARMS" and the "Percent Volume" Indicators are both in neutral territory as of today's close. Normally right before a break out, one or both of these indicators will go to a bullish or bearish extreme, which indicates which way the break out will go. Right now we think the break out will ultimately be to the upside, but we could change our mind. On a 10-minute chart, it looks as though a "Flag" or "Rectangle" pattern is forming; both of which are continuation patterns. In candlestick charting on the September S&P's a bearish "Dark Cloud Cover" was drawn today. This bearish candle may mean the September S&P's could pull back down to the lows of the consolidation, which is near the 1395.00 area. July 6 high of 1417.5 was on volume of 726 million shares. Today's high of 1418 was on volume of 665 millions shares. A re-test of a previous high on lighter volume is a short-term bearish sign. No meaningful signal yet, just an anticipated pull back to 1395 on the September S&P's. The bigger picture points up into a bigger top in late July.

To: GROUND ZERO™ who wrote (19949)	7/12/1999 8:45:00 PM
From: pater tenebrarum	Respond to of 99985

GZ, re: bond market rally: i concur. it looks like the bond could really take off from here. regards, hb