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

To: pater tenebrarum who wrote (37278)	1/12/2000 12:43:00 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 99985

There is one for the Naz and it is positive. There are also bullish percent charts for all of the different sectors. The bullish percent chart acts as a contrary indicator to the charts for the individual issues that look the most bullish at the top. An example is that the BP chart for the semis looks very overbought. But traditionally it can stay there for a while and even go up further. Either way, I am staying away from semis because a correction there can be nasty. The nuts are actually at a healthy level, but the BP chart is negative, but with the other indicators turning positive, I am looking for a turnaround.....but it hasn't happened yet. JXM

To: pater tenebrarum who wrote (37278)	1/12/2000 12:43:00 PM
From: Don Green	Read Replies (1) \| Respond to of 99985

Yen's Drop Driven By Excess Money Market Reserves Thursday, January 13, 2000 TOKYO (Nikkei)--The massive infusion of liquidity made by the Bank of Japan ahead of the year 2000 computer problem is turning into a factor pushing down the yen against the dollar. Excess banking reserves in the Tokyo money market totaled 13.7 trillion yen on Wednesday, down from a 24.4 trillion yen peak on Jan. 4 but still unusually high. According to currency market insiders, foreign investors that speculate on yen-dollar moves appear to be focusing on the high level of excess reserves as a possible sign that the BOJ has altered its monetary policy stance. The yen weakened to its lowest level in roughly a month and a half in Tokyo trading on Wednesday, with the dollar reaching the 106 yen level at one point. After pumping up reserves before the date rollover to the new year, the BOJ has been draining liquidity out of the money market on a daily basis. But the pace of liquidity absorption has been slower than most market participants expected. (The Nihon Keizai Shimbun Thursday morning edition)