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

To: pater tenebrarum who wrote (24556)	9/2/1999 11:59:00 AM
From: Challo Jeregy	Read Replies (2) \| Respond to of 99985

interesting view . . . Message 11138089

To: pater tenebrarum who wrote (24556)	9/2/1999 12:12:00 PM
From: TRINDY	Read Replies (1) \| Respond to of 99985

Heinz, it might be important to look where we would be if the selling at the present rate continues for today and Tuesday. Declines of 1.4% for each of these days would place the DOW almost precisely at its closing low on Aug. 10. The NASDAQ, even after such declines, would still be 8% above its Aug. 10 low. That is significant. There is still a very high demand for tech stocks. They simply don't want to melt. I currently have sell signals on the major averages except the NASDAQ composite, but barely so. It is simply amazing how resilient this market has been, again particularly for the techs. Despite all the bad news today, we are still not down appreciably. The ability of this market to "roll with the punches" of bad news is astounding. Makes you wonder what it would do at the slightest hint of good news. When prices are somewhat depressed, as they are at present with these little presents that Fed keeps giving us, it is time to look for reasons for prices to advance. While I believe we are in a bubble, I fear that it will not burst anytime soon. Your belief that this market may have one last hurrah before tanking may well prove to be the case. If we get a real bad report tomorrow, I will take it as an opportunity to get long QQQ. Cheers!