Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: GROUND ZERO™ who wrote (27196)	9/25/1999 10:20:00 AM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 99985

Well I have to admit I am not sure enough to say you are wrong, of course I would never do that anyway but you do have a few things on your side. As I posted to Don, my NYSE daily chart bounced at the most perfect point it could have and my OEX, SPX and DOW are in buy signal territory showing over sold. My automated scans are slanted huge to the over sold side. What I don't like is how the weekly charts show this is only the beginning, the P&F has a lot of double bottom breaks and the OEX, SPX and DOW are floating in no man's land so this isn't an area where a reversal would be expected. Most stocks are also not at any critical levels with many of the hammers touching support lines but usually in true reversals, there is a drop below these supports to take out stop loss orders and the close is slightly above or on these supports. I too believe this is not the BK and I just spent the morning printing out all the option quotes on the OEX and my dream list of stocks that I would like to play but I still think a short bounce then drop is in the cards before we head back up. I hope to get some time later this weekend to throw some bullish forks up on my charts to see where the best bottoms would fall to line the forks up for the longer term bounce. The monkey wrench in the whole works is the FOMC meeting which could throw TA out the window if AG does something bullish for the market. If it weren't for AG, I would say we head south for 3-4 weeks more before any meaningful recovery and bullish rally takes place and all rallies in between are just to set up for the next down legs. Oh to only know what the FOMC has in store. Heck he is your Uncle, why don't you call and ask him <ggg> Good Luck and lets hope we can both be on the right side when the time comes. Lee