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

To: pater tenebrarum who wrote (54912)	6/21/2000 10:10:00 PM
From: bobby beara	Read Replies (1) \| Respond to of 99985

>>>yet to see a true sentiment bottom. there hasn't been one since the '98 lows<<< Heinz at that time the world was coming apart at the seams, yu can't expect that kind of sentiment at bottoms in a trending market. even though some sentiment indicators are pretty bullish now, i don't see the extremes that would make a major top from an anecdotal basis, (jerry lost the caps and now is not calling for the nasdaq to double the dow in a year -g-) as far as neophyte stoopid speculators, they got cleaned out in april and may, thats a bottoming indicator, i think you have to put these sentiment indicators in perspective of where we are in the charts. look at the nasdaq chart, breakaway gaps off the may bottom, gaps across trendlines on oex/spx, a breakout of a basing pattern, the volume was not outstanding, the breadth is starting to fade, so what, we need a non=confirmed new high in nasdaq anyway, new highs, and mo confirmed the new high in march. it's hard to say whether the tech market will trend sideways in a basing pattern or try to make a new high here, but the money on the short side was made from march thru may, now people are buying the dips, not selling the rallies, look at orcl today. b