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

To: HairBall who wrote (22022)	8/4/1999 11:45:00 AM
From: Ms. X	Read Replies (5) \| Respond to of 99985

Big news on the PnF Charts! Our long term indicator the NYSE BP and "Big One" as we call it, has reversed down. This is a forward looking indicator and with the short term indicators having already reversed down weeks ago telling us that short term would be bad (which turned out to be true) the reversal in the NYSE BP tells us we have more to go. Again, the NYSE BP does not monitor the Dow, I can look at the Dow chart to do that, it monitors a wider breadth of the market which is more indicative of everyone's portfolio. So, the Dow can move up on occasion but the NYSE BP move down. Last year the NYSE BP reversed down prior to the big decline in Sep and Oct. I'm not predicting but it isn't good when it reverses down. We suggest protecting positions or if cash is your thing that isn't a bad idea. If trading, try to the downside and try not to "guess" bottoms right now. We will start entering short term trade positions when the short term indicators reverse up. The NYSE BP did reverse back up prior to the Dow reversing up in Oct by the way. Take care all and best of luck. Jan I am

To: HairBall who wrote (22022)	8/4/1999 12:10:00 PM
From: James Strauss	Read Replies (1) \| Respond to of 99985

Dow Theory Says... *********************** LG: Dow 10,400 and Transports 3300 are the critical thresholds this year... If both of those areas are broken we have a Dow Theory sell signal... So far, the Industrials are trying to bounce... So, we don't have a Dow theory sell signal yet... Jim

To: HairBall who wrote (22022)	8/4/1999 12:37:00 PM
From: j.o.	Read Replies (2) \| Respond to of 99985

LG, I am also watching those 30-Y bond rates as they flirt with the thought of making a double-top here. The dollar embarked on another day of weakness today, and the market (except Dow) is showing the strain. If we are to move higher, we need to convincingly make that break lower in yields which we both expect, and find some interim support in the dollar. Otherwise any attempt at higer levels in the equity markets is going to fall down. Critical week indeed! And very nervous price action over the last days. Good trading! j.o. indextrade.com