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

To: Lee Lichterman III who wrote (31005)	10/22/1999 7:26:00 AM
From: donald sew	Respond to of 99985

Lee, Here are some of my short-term readings: DOW - UPPER MIDRANGE JUST SLIGHTLY BELOW OVERBOUGHT REGION SPX - JUST ENTERED THE OVERBOUGHT REGION OEX - JUST ENTERED THE OVERBOUGHT REGION NAZ - CLASS 2 SELL SIGNAL NDX - CLASS 2 SELL SIGNAL DOT - CLASS 2 SELL SIGNAL BKX - CLASS 1 SELL SIGNAL DRG - CLASS 1 SELL SIGNAL GE - CLASS 2 SELL SIGNAL MSFT - CLASS 2 SELL SIGNAL Even with the market selling off yesterday, surprisingly the overall market is in the overbought region and a short-term top should be seen either today or Monday. Unless the market rockets today/Monday, I am suspecting that the major indicies will produce LOWER HIGHs, including the NAZ, which will maintain the downtrend. I am also suspecting that WED's highs in the DOW/SPX we be resistance and about 2820 on the NAZ. Seeya

To: Lee Lichterman III who wrote (31005)	10/22/1999 10:29:00 AM
From: Challo Jeregy	Respond to of 99985

Good morning Lee. I love the way this SPX has been sitting here just under 1300 resistance for 1/2 hour now. Unless we blow thru some strong resistance lines pretty soon, Mr. Market is going to call out the paramedics for all of the whipsaws he'll produce. I'm glad to here that you and Donald are getting over bought readings. Some of these run-ups have just been absolute BS! (Mainly because I didn't see them in time to jump in! <ggg>) Lee, I don't know what will happen to this market next spring, summer or fall. But I think we will be over this soon. Your scenario sounds about right. But we do have some more to go, imo. If FOMC raises 1/4 point and changes bias, this market will be sooooo relieved, we will shoot up 500 points!!!!! And that's in the SPX!!!!! <ggggggg> (Warning - all of the above are by gut feel only and not to be taken as a prediction) edit - just noticed the pullback from the resistance lines started working) edit 2 - pullback didn't last long.

To: Lee Lichterman III who wrote (31005)	10/22/1999 10:59:00 AM
From: j.o.	Read Replies (1) \| Respond to of 99985

Hi Lee, just wanted to add a quick look at the currencies to what's been going on in the stocks. We have just made what looks like an island reversal in the hourly chart of the GBP, and the Euro also looks as though it has failed to hold onto its bid from yesterday against the dollar. I have not been watching the Yen, but overall we are seeing pressure on the dollar fade. BP99z (on quote.com) is testing support at 1.6625, and if that goes, we're headed substantially lower. Looks likely to me. With this background in the currencies, the US stocks and Long Bond will continue to see a good bid tone, and there is some potential in my view for an attempt to push US stocks substantially higer. Gold is also coming back to test the $300 level. Psychologically, this is an important level. If one believes in gold, this is probably the place to establish longs. It was a heavy support-resistance level at the end of 98, begin of 99 - and really has to hold here. BTW - We here in Antigua have weathered the Eye of Hurricane Jose without any outages to indextrade.com!! It's quite a spectacle, though - and humbling. Lots of cleanup ahead this weekend. Happy trading! j.o. indextrade.com