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

To: Les H who wrote (26348)	9/20/1999 10:53:00 AM
From: HairBall	Read Replies (1) \| Respond to of 99985

Les Horowitz: Well, I usually do not read Favors although I do thank you for posting them. In this post, after wading through all the goble-de-guk, I noticed Favors is referencing a trading band. I have not seen that before, but I have only seen the Favor's analysis posted on SI by you and others. Of course, I have been referencing an almost identical trading band on the Dow Industrials since I posted my first chart on Monty Lenard's web page last January. Very interesting....maybe he took a look after I Emailed him several months ago asking him to post on the MDA Web Site and gave him a link to check it out...<gg> Of course, I never heard from him! Regards, LG

To: Les H who wrote (26348)	9/20/1999 6:18:00 PM
From: Les H	Read Replies (2) \| Respond to of 99985

WHAT TO EXPECT NOW. ORD ORACLE. The market produced a minus 1300 downtick reading on Thursday that coincided with a bullish "Hammer" candlestick pattern that triggered a bullish short term signal. The "5 day ARMS" at the time was not near a bullish reading (it closed at 4.83 on Thursday). Therefore we elected not to take the buy signal. We concluded the better trade would be to wait for the bounce and look for the next sell signal as the bigger trend is down tell October or November. Most surprise moves will follow the trend. The "5 day ARMS" closed today at 4.56. Readings near "4.00" and below appear near short term tops. Today's reading implies the market has not a lot of room for rallying. Today's intraday pattern looks more like a consolidation pattern and with the light volume implies this bounce could carry a bit further. There were no high uptick readings today to signal a top is near by. The McClellan Oscillator closed today at minus 65. This reading implies the bigger trend is down. The December S&P's may make an attempt to test the September 7 high near the 1380 area before the next top is in. Our first significant downside target is the 1140 area on the December S&P's. For now we are staying short-the mutual fund position.