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

To: donald sew who wrote (24504)	9/2/1999 9:05:00 AM
From: j.o.	Respond to of 99985

Morning, Don - Well, the Dow futures are off 90 points, the S&P is off 11, and the Nasd100 fut is down 30! It looks to me like we might just gap down through our key long-term support in the Dow around 10890 (I'm using an internal trendline, so very subjective). A close below that means I'm going short and planning on staying that way. It looks to me like we're setting up for a very hard down day. I might just watch the open and try to place a decent short. Can't help thinking that the specialists will try to open it up at levels where they can establish a few shorts of their own. Thanks for the early tip on the FED comment - looks like that's what the market is reacting to. Bonds getting shelled as well. Key support is at 113-09, and the future is trading 113-13 right now. We take out that level, and it's off to another decent downleg. BTW - USD/EURO completed an almost perfect 61.8% retracement of its initial upmove, and looks to be heading into a big wave 3 upmove. Don't get caught long the buck! It's nowhere but down from here, I think. Good trading - should be a very volatile day! j.o. indextrade.com