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

To: Teresa Lo who wrote (20631)	7/20/1999 7:57:00 PM
From: American Spirit	Read Replies (2) \| Respond to of 99985

Tuesday the bottom fell out. We fell 191 on the DOW and 98 on the NASDAQ. The S&P fell 30. Ouch! What happened? Well for the past several issues I have been saying that nothing goes straight up and we were very overdue for a pull back especially in the NASDAQ . Usually in a healthy market the market moves like a stair case..up a few days then a pull back. Up a few then a pull back. Lately all we have done was go up and that isn't healthy. So today we got smacked with the 4th biggest pull back of all time on the NASDAQ. Basically we got all the little pull backs we should have gotten in one big sell off. These are the ones that really hurt as we see the leaders like IBM lose 7 and LU lose 7. QLGC gave up 9, AMZN over 11, etc.. It was nasty on all the indexes and no sectors were spared. Sure there were your usual talking heads saying the end is near and this is the start of something bad, but we don't think so. We have had many of these one day blow offs in the past and this is no different. Here is the real deal folks.. we have had 35% of the S&P report earnings and 70% of them have reported better than expected. But the market loves the idea of buy the rumor and sell the news so with the market getting so overbought and all the ear - *From an email I got