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

To: Benkea who wrote (41146)	2/23/2000 10:05:00 PM
From: Jerry Olson	Respond to of 99985

Ben i shut down my P&F site for the day..but buzz me when i'm fresh in the am.. as for the nets...well they are being traded here..it's the bio techs on a pullback that look better to me...

To: Benkea who wrote (41146)	2/23/2000 10:12:00 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 99985

Benkea, Since OJ blew you off....<g> EBAY - Double top at 158, but looks like a low pole reversal which would suggest more upside. Bearish resistance line at 168. CMGI - Also looks like a low pole reversal with triple top resistance at 126. BSB if it hits 128. ICGE - Un-official eyeball trendline suggest some resistance at 122. Trend reversal and buy signal at 128. SFE - Sitting at a triple top resistance point at 156. BSB buy signal if it hits 158. All of the individual stock charts look very close to turning around. Main P&F indicators are mixed and the big boy, the NYSEBP is still negative. JXM

To: Benkea who wrote (41146)	2/23/2000 10:56:00 PM
From: Casaubon	Respond to of 99985

Benkea, Be careful on those internuts. I think they're undergoing major distribution. As far as P&F indicators go, the group is in Bear confirmed status (albeit at a relatively low level of 44%, however, just as they went to absurd highly overbought levels they could go down to a rather extreme oversold level). The group just changed status from a column of X's to a column of O's. I think this is the confirmation to my suspicion that these stocks are under distribution. While a talented trader could certainly make money off the volatility, I don't believe this group will be a good investment again until the shakeout. I haven't seen a comparison to the 80's biotech craze recently but, I would hazard a guess it lines up well with the long flat to down period.