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

To: American Spirit who wrote (20728)	7/22/1999 10:08:00 AM
From: bobby beara	Read Replies (1) \| Respond to of 99985

>>>>but would you include something besides doom and gloom next time<<< American Spirit, when you were on this thread complaining about analysts in mid June many here were scooping up the bottoms, now that the sentiment is very bullish, as indicated by your post, most technicians are cautious, but this is not doom and gloom, it's just trading the markets and being a contrarian. From the candlestick chart of the market leading nasdaq, you can see several tall white candles off the 6/14 low, then a few more off the 6/24 low showing the buyers in control and demand as strong, as the rally proceeded the white bodies became increasingly smaller showing the demand was in control but losing it's strength and supply starting to become visible as the rally proceeded (also showing a period of very low volitility, which by default means a period of high volitility will follow) , the Monday 7/6 shooting star candle, an after weekend rally up, with put/call ratios and vix at an extreme was a clue that we were running into an area of supply, however demand was still in control and managed to rally the market further, but in increasingly smaller white candle bodies. If we fail to rally above 2805 on the nasdaq we will have a weekly bearish engulfing, showing supply has taken control. Aol and Amzn are selling on good numbers, supply has been showing up all during earnings season, when the season is over there will be no news to keep the bulls in the market. QCOM is just another market leader to add to the list running into overhead supply at these levels. intelligentspeculator.com this is a time to be careful, not to be blindly bullish. The Dow chart looks very similar to the October 1989 chart. bb