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

To: Chip McVickar who wrote (31951)	10/31/1999 1:24:00 AM
From: donald sew	Read Replies (2) \| Respond to of 99985

Chip, Many charts are very bullish, with some support from the market internals so far. So from a technical standpoint it does appear that the market is going higher. However I did mention that the forthcoming pullback may be stronger than I originally expected, which was around 150 DOW points, per a previous post. Unfortunately I lost alot of my data previously, but I do recall that with corrections of greater than 6% or 7%, the probability of a RETEST/DOUBLE-BOTTOM (OCT LOWS) is high. I realise that such is hard to believe in light of such strong bullishness. Many bears have started to capitulate already, so the sentiment has definitely moved to the bullish side. It was even interesting to hear strong bullishness on CNBC where many feel that the market has already priced in another rate hike at these levels, especially with the NAZ setting new highs. Im not that bullish, at least not yet. Frankly, I would not totally discount a retest of the LOWs, but I do feel that an intermediate bottom has been set. seeya