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

To: Les H who wrote (45328)	4/7/2000 11:50:00 AM
From: Doo	Respond to of 99985

Les: That's interesting, thanks. I think I was looking more at the ascending triangle or wedge that seems to be forming on 60 day index charts. I'll be interested to see if the volume corresponds with sell the news tech earnings, however.

To: Les H who wrote (45328)	4/7/2000 12:42:00 PM
From: dennis michael patterson	Read Replies (1) \| Respond to of 99985

Short covering will spike this today. SPX 1514 is gone, it seems. Naz stocks will fly on Monday. Back to business Heinz

To: Les H who wrote (45328)	4/8/2000 12:14:00 AM
From: Les H	Read Replies (2) \| Respond to of 99985

With the market moving the way it did early in the week, one practically needed hourly indicators to keep up. Since we don't use hourly indicators, but rather DAILY ones, they will have to do. First, the equity-only put-call ratio has flattened out and is in danger of giving a sell signal -- although it has not yet done so. Our computer projections indicate that there is an 87% chance that it WILL roll over to a sell signal with the next three days, though, so unless there is extremely bullish action in that time period, the sell signal is going to occur. A more positive picture is being painted by the oscillator. It has remained on the buy signal it generated back in mid-March. Breadth has generally improved over that time, but the oscillator has managed to remain from getting overbought (which would be a precursor to a sell signal). It currently stands at +117. A sell signal would only be generated if it rose above +200 and then fell back below +180. The equity-only put-call ratio is our main indicator and, if it goes to a sell signal, we would have to respect it. For now, though, we are going to tighten the stops on our long $OEX calls and remain bullish unless we receive a CONFIRMED sell signal from the put-call ratio. Thursday April 6, 2000 optionstrategist.com Also, interesting new Rydex funds - Internet and 200% beta funds for bull and bear similar to the Profunds