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

To: Les H who wrote (20764)	7/22/1999 12:58:00 PM
From: Les H	Respond to of 99985

ORD ORACLE. WHAT TO EXPECT NOW. Timers Digest (203) 629-3503 has The Ord Oracle ranked # 2 in performance for the first 6 months of 1999. The McClellan Oscillator closed below the "0" line today, closing at minus 3 with the market near an all time high. This is a negative divergence for the market. In candlestick charting on the September S&P's, a bearish "Engulfing Pattern" was drawn. On today's pull back the ARMS Index reached 1.48 intraday, which is a modest bullish sign. The ARMS Index closed today at 1.36. We have found a lot the time after a 1.30 reading and higher on the ARMS Index close, produce a short-term bottom the next business day. Also the tick index readings did reach minus 980 which is a bullish intraday reading. The market appears to be having trouble keep the rally going. The VIX (volatility Index) hit a low on Friday at 17.70. The top on the market last year was July 20 and the VIX hit a low than at 16.73, a little less than a point from Friday's reading. The market is again producing contradictions in the indicators for short term, which usually means the market may head into a trading range again. If the September S&P's trades below 1412 near term, a real negative divergence would be generated. Back on the sidelines for the moment. >>>Looks like Greenspan is pissing off some of the ultraliberal >>>members of the congressional committee re: entitlements, etc. >>>Looks also like tick may set new 52-week low today. -1450 versus >>>low around -1540.