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

To: j.o. who wrote (22328)	8/6/1999 10:43:00 AM
From: pater tenebrarum	Respond to of 99985

j.o., well, some important supports have held in yesterday's selling wave at the opening...unless they fall the larger uptrend has to be considered intact, so i'm not going to try and play hero either... regards, hb

To: j.o. who wrote (22328)	8/6/1999 11:13:00 AM
From: HairBall	Read Replies (2) \| Respond to of 99985

j.o.: Good call on your bottom play yesterday. I expected the Market to begin a pullback starting as early as Monday 7/19, which was noted in my web site update for Sunday 7/18. However, I really expected “one” more retest of the upper trend line of the rising wedge patterns on several of the major Indices before a larger decline would materialize. However, my stop loss point was triggered and I pointed that out early this week on this thread. Now, I have to remain bearish on the current trend, until certain changes in my charts materialize. A brief observation, (trying to keep it simple) one thing I am watching is the descending resistance line off the July 16th high, looking at the 60-minute or 30-minute semi-log interval chart. Until that resistance is broken, I will remain bearish. If broken I will then re-evaluate. I suspect much of what we have seen so far has been "head fakes". I have noted a rising wedge on the 5-minute semi-log interval chart for my OMC off yesterday's bottom as it oscillates toward the above mentioned resistance line. Of course, the shorter-term the chart formation the less reliable and usually a trend supportive formation is broken in a reversal, time will tell. (Chart formations are not 100%) Regards, LG Disclaimer: The above is my opinion only and I reserve the right to be wrong. Do not base any investment decision solely on anyone person's views or analysis. Do your own research and take responsibility for your investment decisions.