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

To: fedhead who wrote (42059)	3/2/2000 8:23:00 PM
From: pater tenebrarum	Respond to of 99985

Anindo, re: oil drillers, the stocks have had good money flows and it's probably reasonable to expect the majors to increase their capex budgets again if crude oil prices hold up. at the moment they still operate with the sharply curtailed budgets dating from the lean times... anyway, on a longer term chart, the OSX just busted through resistance dating from early '98 out of a large ascending triangle, so it certainly looks good here. apparently the 'boyz' have already loaded up on the oil service stocks as the brokers have begun to upgrade the sector. as for the NAZ, i highly doubt that it will engage in sideways movement...from an e-wave perspective the wave after the first up-leg from the Oct. '98 low was a 'flat', i.e. sideways consolidation. there's a rule that those alternate with 'sharp' corrections. as it were the LT monthly chart of the NAZ is the most parabolic chart in the history of markets...no way is that thing going sideways... regards, hb