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

To: pater tenebrarum who wrote (22035)	8/4/1999 1:00:00 PM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 99985

Just came home from work and snuck a peek. I see several repeating patterns on the few stocks that are bouncing that all point lower. There is only one bullish sign I see besides the over sold indications and that is that the heavy weight caps were the ones trying to keep the boats a float as noted by how the OEX was up while the over all SPX was flat. Now the leaders are starting to fall also which I see as the last act of capitulation. I am now on full bear status as I believe we are breaking through what I had ear marked as critical supports. If this isn't a temporary line violation before the bounce back up, I see us heading a LOT lower here short and medium term with the longer term as yet to be determined. I was considering dipping on a few issues up until a few minutes ago but I am now going to put all my energy into finding short plays tonight. Have to go back to work but thought I would make a quick post. If SPX 1311, OEX 677 and NASDAQ 2570 fail, all hopes of a descent bounce are gone. The NASDAQ has a last chance around 2530 but I expect this also to fail if 2570 is lost since the second support mirrors supports inthe DOW, SPX and OEX that have already failed. Good Luck, Lee