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

To: HairBall who wrote (21166)	7/27/1999 2:03:00 AM
From: Lee Lichterman III	Read Replies (3) \| Respond to of 99985

IMO the market is still a bit confused as the die hard bulls are refusing to relinguish command. The dog of all dogs, MU went up today while the internet fools are finally seeing the blood drain out of their portfolios. I have AOL in a definite downfork with more downside expected. MY P&F charts are all going to Os and many of them have already brokenthrough important supports. My regular candle charts with forks had some breaks below the middle tines so this confirms that we are in a longer term down trend and that this will not just be a one week cooling off period from the last rally. Still I am seeing a few last gasp attempts to stay strong in issues as some of the retailers (WMT, S etc). We are nearing more important supoprt levels in many ofthe key indexes so I think we will get the bounce Donwas looking for but it will be a late reaction which if I recall correctly means it will be weak and rapid. I expect eth turn to come tomorrow afternoon or Wednesday. Not sure if I would bank on the market going either way later inthe week as the economic reports will be released Thursday and Friday. I am way behind tonight so not much help from me this week. I am back to being the shirt for the next 2 weeks so my market involvement is on hold for the most part unless there is a major positional trade I can make. Sorry I missed the chat session, wife had to go out of town for a funeral so we were packing up, getting the kids prepped etc. I will be glad when this month is over as it has been hard on all I know and the market <ggg> Good Luck, Lee