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

To: donald sew who wrote (27177)	9/25/1999 2:39:00 AM
From: john rieck	Read Replies (1) \| Respond to of 99985

Hi Donald, just wanted to acknowledge your very timely warning on the market back on 9/13 I believe, when you noticed a quick rate of change in new lows/new highs and urged caution--great call. would be interested in your current thoughts on the internet stocks. it appears they bottomed on 8/4 intraday (remember when YHOO hit 111?) and have been steadily rising since. the big drop yesterday was laughed off by netland. are they once again market leaders and saying this selloff is no big deal OR is it more like the band that played on while the Titanic went down?

To: donald sew who wrote (27177)	9/25/1999 3:04:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 99985

Well I was like a kid on X-mas and couldn't wait till tomorrow to peek at the charts. Not much changed but the odds of a short term rally have increased. The daily charts are littered with short term over sold indicators and many bounced off of or are near middle tine supports etc. We may see some sector rotation into Chemicals beleieve it or not as I show the cycle due for the CEX soon ahead of all the other sectors. Anyway, the daily charts are wanting to bounce here but... The weekly charts look like crud. You don't have to know TA to look at them and realize the party is ending mid term for the high flyers. They reversed off of top tines and are dropping impressively relative to their longer term charts. The P&F charts show an abundance of Os and double bottom breaks and the three line charts are just beginning to break downward which should mean that this sell off is only in it's infancy. One thing I will point out that I either messed up on or could be a clue to the coming sector rotation. My NYSE chart that I didn't used to post but added tonight is showing a good possibility of a bounce that could last longer than anything the tech stocks should be able to muster. Not sure what to make of it yet but I will look things over this weekend and hope to find an answer. I am too tired to think too much now so good night and Good Luck, Lee