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

To: bobby beara who wrote (27480)	9/27/1999 5:30:00 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 99985

Bobby, you seem to be positioned exactly the way i am...the move in the XAU today was awesome. to put it in perspective: it equaled a one-day move in the Dow of 2,170 points at current prices. that's no typo: the equivalent of 2,170 Dow points. the big black Ballmer candle is what kept me short as well...it could be argued that the Dow and the a/d line are possibly close to some sort of ST low, but the NAZ has not corrected enough. it's just not credible that it will turn back up convincingly right after a major bearish engulfing as presented by the Ballmer candle. of course we have to keep in mind that a cycle turning point is scheduled for tomorrow. my view on that is that i will wait and see whether the cycle indeed turns on that point. after all, the ST cycles were pointing UP from the August low into 09/28, so apparently a (obviously negative) higher-degree cycle has taken over for the time being and that could invalidate the ST turning point as well. i fell almost out of my chair when the well-known bull Abby Cohen actually called the stock market "undervalued" today...the sheer audacity of that call is admirable. what a contrast to the Ballmer comments. regards, hb