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

To: GROUND ZERO™ who wrote (30135)	10/16/1999 8:49:00 AM
From: Art M	Read Replies (1) \| Respond to of 99985

GZ Doing some pitchforks this morning for the first time in a long time. Wanted to get your input please. DOW daily. (all numbers intraday) Low 8/10 10549, Hi 8/24 11334, Bisect 8/17. First violation of midline on 9/22, never touched bottom tine of declining fork. Breaks back through middle tine on 10/4, never touches upper tine. Break through middle tine on 10/13 continues down on 10/14-15. It looks to me like the key test for support on the lower tine will be in about 2 days at around 9800. Am I on track here? NAZ Comp daily Low 10/01 2698, Hi 10/12 2923, bisect 10/06. Violation of middle tine on 10/15. It looks like test of lower tine will be in 3-4 days around 2550. Am I on track here? In summary, I see both center tines violated, looking for further test of lower tines shortly. I remember you saying that when prices reach the center tine they tend to react violently, either rebounding strongly off of them or continuing for a test of the outer tine. If the lower tines are violated on an intraday basis, is this the time to think of going short or do you watch for a continuation the next day? All of this being said, and trying to get the right side of my brain in gear, I am intending to establish short positions in some of the high flying stocks on Monday (as I did on Thursday afternoon anticipating that if the numbers were bad Friday morning the market would react violently downward and if numbers were good then there would not be much upside reaction. I covered the positions on the bounce yesterday.) What I am thinking for next week is the same thing - big possible downside, limited upside until the next FOMC meeting. Uncle Alan almost always tips off his coming moves and I think his speech Thursday night said rates will be raised in November. Wishing you well through the rain and storms. By the way you and my wife have something in commons. Both Univ. of Miami grads. She is a little more verbose than you, however. What was your PHD in ? Thanks, Art