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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Defrocked who wrote (503)	3/17/2000 11:22:00 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

Hi Def, Thanks for the yen thoughts, I have this irrational desire to buy the AUD... I guess I should lie down until it passes. Corn is the new moonshot market.. I am monitoring it blow by blow. -ng- and all that toiling in the trenches last summer and fall -g- I am very bullish on the US stockmarket and believe we see new highs in the DJIA, NASD, and SPX. the action in the broader market is indicative of a new upleg for the mkt imo. We had so much strength in the banks, insurance co's, regional banks, REIT's , retailers and other sectors that I think one needs to evaluate the secondary stocks to make a judgement We had a bigtime rise in the NYSE up/down volume ratio. here are some previous spikes of a bullishly lopsided up/down volume and their dates follows: 1. 4/5/94 +11.74 2. 4/29/97 +8.72 3. 11/3/97 +8.28 4. 9/8/98 +10.49 5. 10/15/98 +8.93 6. 3/16/00 +11.43 we tend to be embarking on a new upleg in the market after days such as yesterday. Yesterday's djia and spx rally were big precentages gains. these tend to occur at bottoms. Also the market did not wait to get extremely oversold say into the week of the 20th before rallying. Instead the rally came early and this is bull market action. A very good arguement can be made that the DJIA chart has just completed an expanding triangular 4th wave correction. Which would be fairly rare, but would make perfect sense for the later stages of a multi year bull market. Anyone trying to count waves the past few years needs to remember we need lots of running corrections with C waves higher than the A wave declines and other late-bull market corrective patterns. I'll make a chart of the djia elliot labelling this weekend John PS just look at FNM for a stock that has just this past week completed a corrective pattern going all the way back to 1998.