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

To: donald sew who wrote (20501)	7/20/1999 12:50:00 AM
From: Stephen	Read Replies (2) \| Respond to of 99985

I haven't posted in a while. My intradays have been a horrible read recently. They haven't supported moves up & have looked pretty good as the market indices have gone down. A couple of recent days the tick on the Nasdaq has been negative throughout the day and the index has gone up on a so-so trin. The nets look horrible - with the plays becoming narrower in nature. In short ..... I am perplexed.... or as per Lost in Space ... my 'danger Will Robinson' has been going off repeatedly !!. Now ... logic tells me that I should play earnings ... and I'd love to ... but some key stocks are dropping off before the earnings run-up .. ??. My worry is that I don't see any big selling yet .. just no buying. David Fabre has mentioned a couple of times that hedge fund managers he knows are locking in profits (though I often believe the CNBC reporters are used by being told things that just aren't so .....) and whilst I see no evidence, I wonder whether the the market is about to head south ... rather than have the small pullback that LG & Don are talking about. If selling starts ... the correction could be significant. The market is priced for good earnings. Intel missed (however one wants to dress it up), Novellus disappointed today, IBM revenues look dodgy going forward (well .. they always did ... but every analyst and his brother saw a safe 'nut play), & the blue chip internets look very weak, with revenue slowing and user growth stagnating. In short ... the FA looks shaky to me ..... and the idea that this is a stock pickers market has never been more true. In fact .... me thinks that its time to go short ..... even if tomorrow should be flat/slightly up as per Don. All this is just my opinion .... but my indicators have been flashing danger for quite a while ....when normally I expect them to correct within a day. Soooooooo ..... if you play this market long ... those limit downs better be in place !! Stephen