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

To: Benkea who wrote (23211)	8/17/1999 4:28:00 PM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 99985

Well I have to say that despite a few of my resisatance lines being taken out on the close, I was very unimpressed by today's action. If this is the best the bulls can dish out, I think Jim may be right and they are out of money, 2nd mortgages and are now selling old cassette tapes at the pawn shop to try and fuel this thing. Note today's volume was better than yesterday but still far from a normal light summer day. I tried 7 times to make plays and couldn't get a fill where as normally I get my order filled within seconds. Volume was just too light to split bid and ask on the OEX as no one wanted to take the other side without getting a little extra skimming to hedge the light volume. Tried for some puts onthe close and couldn't get them filled either despite the TICK running up to 880. I then noticed that the TRIN shot up also so I believe we have a battle of the big boys starting up. As one side ran up the close, someone else was selling into it taking profits. Will they swap sides later this week to buy back theri calls at lower prices? I still think we could dip hard later due to max pain and low volume. EMC among other stocks I watch closely all bounced off their resistance lines showing the bearsih forks MIGHT still be valid. WIll have to watch and see if they are backing off to gather steam for a break out or they are just rolling over. Telecom perked up a little which was bullish and a few financial stocks also started to put up a fight as did internets and GE. However MSFT and DELL stayed weak which DELL especially was strange in light of HWP putting up good numbers last night and I figured DELL would have a pre-earnings run up. I did not take a position only because I don't gamble on earnings plays but I thought it would have been easy money. As you wrote, I find it interesting that precious metals aer rebounding in this "non-inflationary" environment. <g> Well, time for me to get started on my chore list around the house. Vacation is just a name for a new type of work here. Today I get to string new cable wires and stereo jacks throughout the house. Translation here in Idaho means getting to go down in the crawl space and fight Black Widows. <ng> Good Luck, Lee