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

To: Les H who wrote (23625)	8/23/1999 2:48:00 PM
From: Matthew L. Jones	Read Replies (1) \| Respond to of 99985

I have some problems with the market going up from here (in the near term). 1) EVERYBODY and their brother thinks the market is going up. Try and find a negative comment. CNBC has bull after bull. This thread is eerily bullish. If everyone is long, who is going to sell to them? 2) While I too am seeing 5X20 MA signal, there a couple of other technical concerns-- how about we are sitting at resistance on the $NDX and running out of volume. 3) What about the extent and duration of this intermediate uptrend. The $NDX is on its 10th day of this uptrend and has come 11.17% from its last intraday low (8/10). Statistically, the average uptrend has an extent of 10.57% and is 11 days long. We are slightly lower than even odds currently and with each additional uptick and each additional day, the odds get longer and longer that we will continue up without a (7% or so pull back). It's all part of the breathing process in the market. Very healthy. 4) No, I'm not a bear. I am very bullish long term, however, I am having a hard time buying stock until a little pressure is let off. FWIW, I just went long 10 more put contracts on QQQ. We'll see. Good trading, Matt