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

To: Sultan who wrote (43336)	3/16/2000 2:04:00 PM
From: Michael Watkins	Respond to of 99985

I'm still in tactical mode. I have some longs in defensive issues. I hold a little oil and very little gold. I should have played the DIA index but plain forgot to :) as I've been more focussed on intraday trading the futures while things play out. Most of my cash is in retirement accounts so I'm not in a position to do much with it; plus I'm only trading the early morning now -- while I expected an SP/DOW rally, I just am not nimble enough while at clients to play it much. In short, I guess I'm saying that I don't expect it to last... but could be wrong on that of course. A few days ago the action in the bank index led me to think that perhaps a rally might have legs, but I was not expecting this. So question is, how much of today is short covering? People have had a long time to get short the Dow and SP, but I suspect a lot of it is getting unwound. So the next dip, and rally (if there is one of course) may be the more important indicator. Techs - I don't think their pain is over yet, and suspect that selling rallies may be the best plan.