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

To: pater tenebrarum who wrote (24874)	9/4/1999 8:13:00 PM
From: donald sew	Read Replies (5) \| Respond to of 99985

Heinz, With Friday's performance, it appears that the tone is quite bullish now and some notable technical analysts are calling for new highs and some are suspecting a BLOW-OFF TOP in all of the major indices. I am still holding onto my position of a TRADING RANGE TREND with a slight upward bias. Some indices will/have set NEW HIGHs but I feel firm that it will not be market wide(the 3 majore indices). Subjectively, I feel that the market will be bouncing/oscillating from economic report to economic report until the FOMC meeting or even for the rest of the year if a strong correction does not occur. As for FRIDAYs rally it was very strong with the only technical non-support in the NEW HIGHs/LOWs. The NEW HIGHs/LOWs normally takes a few days to work thru so I may not consider that such a big issue yet, but if it doesnt continue to impove quickly, thats a different story. FRIDAY's rally was strong in the sense of being market wide covering many of the indices; however if this does not continue next week such would support my position of a TRADING RANGE with a slight upward bias. So if we start seeing significant SECTOR ROTATION next week, we are probably in the same old pattern since APRIL. As for specificly a BLOW-OFF TOP, many are expecting such to cover the 3 major indices(DOW/NAZ/SPX) at the same time. Not that Im sure of anything, but what about the possibility of a BLOW-TOP in only one of the major indices or even narrower such as sub-sectors like the SOX/etc. Could that also be the trigger for a major correction?. Since APRIL the 3 major indices have not set NEW HIGHs at the same time. Just food for thought. seeya