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

To: Les H who wrote (22309)	8/6/1999 9:18:00 AM
From: Jack T. Pearson	Read Replies (2) \| Respond to of 99985

I wonder who will be buying today? I suspect there will be a record number of margin calls. Got to feel sorry for those who bought into yesterday's run-up and held overnight. What is the name of that bear fund?

To: Les H who wrote (22309)	8/6/1999 9:27:00 AM
From: John Pitera	Respond to of 99985

Les, another amazing statistic relating to the complacency in the face of this decline over the past few weeks. In the 14 market days that the market has declined since the July 16, all time high close, the average closing tick for those 14 declining days is +274. There remains virtually no fear with confident buying coming in at the close almost every day. In those 14 declining days, amazingly, there was only one negative tick day at the close, -203 on July 28. the 6 on July 27 is neutral. That day's +502 or today's +502 closing tick was the highest since the decline began in mid-July with the exception of July 21 with a closing tick figure of +950. On that day the S&P Futures closed at 1386.00. They had not gone one tick higher than that price since that day of the very high closing tick.