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

To: donald sew who wrote (23151)	8/16/1999 6:26:00 PM
From: Benkea	Read Replies (1) \| Respond to of 99985

"The market internals still stink but the new highs/lows did improve a little, although still not great." Wasn't today the lightest trading day of the year on the NYSE? If so, how revelevant is todays' data?

To: donald sew who wrote (23151)	8/16/1999 8:51:00 PM
From: James F. Hopkins	Read Replies (1) \| Respond to of 99985

The Internals I look at are not so hot, considering the rally since last Tuesday, we may have peaked today at 11.. The internals looked good last tue but very iffy now, both Fri and today had weak volume , today worse than Fri.. while it finished up some it did it just like when a stock makes a top on weak volume. The CPI won't make any difference other than a knee jerk, I believe in trim tabs ( it's all in the liquid ) except trim tabs don't do data on the Foreign money. Still people either have money to put in stocks or they don't and earnings and all that other crap is just window dressing and at best gives knee jerks. Liquid is the name of the game, when you get lots of IPOs it takes more liquid..to me most people tend not to look past the end of their nose. All the canned garbage the news media puts out has them programmed; take interest rates..I use to key on them a lot, well I found out they adjust over time sometimes the same market will accept higher rates than at others times with every thing else equal it won't , in fact it can go the opposite..well the thing is every thing else is not equal, the "supply" of bonds can drive rates down and rob money from the market at the same time..right now we have a herd of bonds coming on the market every cooperation bank and you name it is printing bonds faster than the Gov can print money. The new stuff has bigger spreads too..who wants the old stuff ? so while the market would like to go up it's got to compete with all these bonds being floated, they are sucking off capital like crazy. AS for the CPI ; people will READ into it just what they want and mitigate it to suit the position they can or can't afford to take, other than that ( and maybe a stupid knee jerk ) it will be meaningless..except to tell us how much liquid is around, as they always see in it what they want. Jim