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

To: HairBall who wrote (24337)	8/31/1999 11:37:00 PM
From: Berney	Respond to of 99985

LG, You're not alone! I principally focus on OEX. If one connects the tops of 4/27, 5/13, and 6/22, one would note that this has developed as the ultimate line in the sand. It acted as great support on 8/19, and, as bb previously noted, the inverted H&S break out called the extent of the subsequent upward move almost perfectly. We clearly have left shoulder and a head. It probably isn't a great revelation that we might develop a right shoulder. It will probably be a quick move up and back down, which will neatly fit into Don's call. I got the line in the sand at 681, which is close enough to Lee's 680. The real entertainment should develop next week to determine whether or not the pattern holds. Went from 100% cash to about 100% equity early this afternoon. Now if I could just get the horse I bet on right. <gg> In any case, I'm willing to bet that I'll be 100% cash again very quickly. Berney

To: HairBall who wrote (24337)	9/1/1999 5:55:00 AM
From: stockycd	Read Replies (1) \| Respond to of 99985

LG, I an effort to not seem overly bearish...The candle we had yesterday in the Nasdaq/NDX/QQQ was a potential reversal--however...Notice the days of 8/5/99 and 7/21/99 which this similar pattern did not yield a reversal. The candles for most every other index was bearish. I'm not saying a reversal is not at hand but the little rise yesterday afternoon was enough to erase very short-term oversold conditions on the Nasdaq (60 min chart) and set the stage for 3 more down days. Besides the Nasdaq, the reaction from the other indices will be very interesting. FWIW, Message 11124403 now there's a bit of irony on a up day! Regards, Chris

To: HairBall who wrote (24337)	9/1/1999 8:38:00 AM
From: j.o.	Respond to of 99985

LG, First of all - great Road Kill update. MDA remains the #1 spot to get a quick recap of what the market is doing! Looks like you're on the right track. Dow and S&P are showing up 40 points and 4 points, respectively - and the Nasd100 future is up 12 right now. Reversals like yesterday have given rise to nice upmoves in the past, and I think that yesterday will prove similar. If not, and the line-in-the-sand support goes, the rush for the exit might leave a couple people a bit bruised and battered. Good trading, j.o. indextrade.com