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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Teresa Lo who wrote (2459)	8/6/1999 8:25:00 AM
From: ig	Respond to of 18137

The Other Shoe Personally, I expect it to drop. I expect that the New Millennium will bring us the Mother of all Bull Markets, but I expect that Big Money would like to get in as low as possible before that happens. So, I expect a shattering Y2K-related market correction sometime later this year. Thursday was not It. ig

To: Teresa Lo who wrote (2459)	8/16/1999 4:40:00 AM
From: Teresa Lo	Respond to of 18137

The Last Waltz? Morning Market SnapShot for Monday, August 16, 1999 Friday's rally was a welcome relief for Wall Street as the market moved higher on "good" economic news. But what exactly constitutes good news? If we look at the S&P 500 Index (SPX) it is now reaching resistance supplied by the 20-day exponential moving average (EMA). To be sure, this is short-term resistance, but given the downtrend that prevailed over the past month, we would expect sellers to materialize should the 1330 level prove difficult to break to the upside. Also, with the rally of the last few sessions since the test of the June low last week, the oversold condition has been relieved in a big way in terms of short-term indicators such as the 5-day RSI of the CBOE Market Volatility Index (VIX). NYSE 52-week new lows have been contracting, but 52-week new highs are not expanding yet. In many of the stocks that we follow, last week's bounce was on contracting volume, which is bearish. The CBOE Internet Index (INX) is also nearing the 20-day EMA overhead at 425ish. The market needs to take out resistance on the daily charts for the SPX and INX in a convincing manner, on heavy volume, if momentum is to be maintained. intelligentspeculator.com The Dow Industrials, very strong relative to the other major market indices, is now trading at the top end of a narrow trading range that has held for four months. The NASDAQ 100 Index, like the Dow Industrials, is trading above the 20-day EMA and the 50-day MA. We can't help but to conclude that leadership is now extremely narrow in this market and is clearly focused on cyclical stocks, including chip-makers, natural resource and yes, even gold. Traditionally, rising interest rates coupled with a rally in deep cyclical stocks signal that the market is nearing the end of a long move rather than the beginning. While we must not "feel" overly bearish and concentrate on observing the action of the market itself, it is now time to examine one's portfolio and make appropriate adjustments according to one's risk tolerance in case this becomes a failing rally. intelligentspeculator.com