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

To: FJV who wrote (33599)	11/17/1999 6:04:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 99985

Franco, i concur with your interpretation of the tick and trin readings, as well as the reversal in the brokerage stocks. it was just such a reversal that started last year's heavy decline in the late July to early October time frame. as i have posted before, the market seems to be completely ignorant of the sharp rise in short term interest rates. i don't think however that the 'smart money' is ignorant of this. thus we see increasing signs of distribution amidst the euphoria that has gripped the market. i especially liked repeated comments by strategists and analysts today that they "can't see what could turn this market down with sentiment so red-hot". of course, nobody deigned to mention the money supply even once...imo the securities industry is possibly misusing the Fed's Y2K contingency facilities to pump up this market for the purpose of distributing their inventory at as high a price as possible. just a guess of course, i can't prove it. but the rate at which the Fed has stepped up coupon passes and repos lately concurrent with the blow-off in the market speaks for itself. regards, hb

To: FJV who wrote (33599)	11/17/1999 8:10:00 PM
From: bobby beara	Read Replies (2) \| Respond to of 99985

Franco, the banks and brokers are very overbought, xbd bearish engulfed yesterday stick and reversed in the area of the bearish candles off the april parabolic top. It could be just going back to test the breakout point of the base, we will have too see. tick and trin are not indicators i follow closely, but we have bearish divergences in internals and way too much optimism via the p/c & rydex ratios, and overbought rsi on nasdaq, we may correct here and try to make a higher hi on nasdaq with diverging mo, will have to see. And for those following qcom, it has the same signature of excess several brokers had at the april top, between 60-100% above its 50 dma at the peak. bb