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

To: pater tenebrarum who wrote (20824)	7/22/1999 6:09:00 PM
From: Lee Lichterman III	Read Replies (3) \| Respond to of 99985

>>i will be on the look-out for options players buying OEX calls on rebound speculation. if that happens, we're in trouble<< Does that mean I have to cancel my order???? <ggg> Actually I am thinking that there is a good chance of a bounce here soon although I don't have my data yet to see the damage. On the bearish side we have the breadth of the selloff, the weekly candles that will either show a bearish engulfing or a hanging man ( I incorrectly called it a hammer top yesterday, duh!) and the analysts look like they are actually making some attempt to read the earnings releases of these companies to see between the smoke and mirrors. On the bullish side, financial stocks held up surprisingly well and as I have been saying unless this is the BK, my TRIN chart says we should rebound. Don has given us a Class 1 and Friday is J6P day with AG also getting off his scare speech. I do agree that the US dollar beig repatriated is putting a lot of pressure on but think of all the money the brokers are making from this dip. <g> Also note the bear flag formed in the last couple hours on the NASDAQ best seen in the 15 minute or 24 minute chart. My mind may change as I scan through all the charts tonight but I fully expect a morning sell off then a bounce near the close with continuation Monday. Of course this is mostly guessing. I friend was telling me that to comute the equality of a NASDAQ move, you should take the change and multiply it by 5.5. Just the 90 Points on Tuesday and the 75 today would equal a drop in the DOW of over 900 points. what is everyone so excited about 900 points in a couple day for??? <gggg> Good Luck, Lee

To: pater tenebrarum who wrote (20824)	7/22/1999 7:15:00 PM
From: bobby beara	Read Replies (2) \| Respond to of 99985

>>>>something particularly exciting about a market that goes down for 'no good reason' <<< HB, you ghoul you -gggggg- since i've been honing my candelstick skills, i've noticed that last week the Deutschmark made a DOJI followed by a big white candle this week. This is usually a pretty clear reversal pattern, especially on a weekly after a very long move. I've also noticed big volume doji's near resistance on several market leading stocks, this is a sign of distribution. The tyx is either making a retest of the H&S breakout or in the process of failing the breakout, something to watch carefully, given that supposedly there is more yen carry trade in the flux. >>>>Les, i find it interesting that Rosen talks of a cycle LOW on july 27, while Favors says july 27 is a cycle HIGH. does anybody have an idea who's right? <<<< My favorite market timer Stan Harley was knocked off #1 timer this week, he has been whipsawed by the market turns since early April. He uses cycles extensively and has been deadly accurate since late 1997 and i believe this is hinting the cycle work is not accurate during this market cycle. bb