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

To: Saulamanca who wrote (59954)	10/6/2000 12:24:22 PM
From: jmac	Read Replies (2) \| Respond to of 99985

Good morning. Whats your take on the NAZ? I have 3360-3380 as suport. If that's borken down to 3200.

To: Saulamanca who wrote (59954)	10/6/2000 12:24:42 PM
From: HairBall	Respond to of 99985

Jim Bryan: INDU (Dow Jones 30 Industrials - Actual Data) <----- On semi-log scale charts, I have a symmetrical triangle which normally resolves in the direction of the trend...which would be down! This could also be referred to as a bearish pennant because of the inverted flag pole formed with the water fall drop out of the descending trading channel mid Sept... Regards, LG

To: Saulamanca who wrote (59954)	10/6/2000 12:35:33 PM
From: KymarFye	Respond to of 99985

Jim, while we're on the Inets, this chart I think depicts very clearly where they are. bigcharts.com Been tracing a rectangle since the crash, right now at very low end of range. Normally wouldn't stake too much in support/resistance on a not very widely followed index (can't even bring it up on SI or StockCharts), but the story is so clear in this instance. By way of sentiment, we have a book on THE COMING NET DEPRESSION being published, front page article in LA TIMES today virtually predicting the end of tech investing (including an arrow right at the heart of SUNW, last man standing), CNBC yesterday with special report on just how bad it could still get, VERT downgraded today to a "hold," AMZN to a "sell," another front page article a couple days ago in LA TIMES on drug addiction as dirty secret of dot-com industry, you and I having fun comparing atrocious charts... In short, dot-com failure and desperation and hopelessness now about as much a cliche as dot-com tycoons were a year ago. Is this the washout? The Yom Kippur nadir/October bottom? CMGI (a good proxy for the net, whose chart is very close to the GIN) bounced off a new 52-week low this AM. Burn rate bad, but management assures general profitability by next year. Momentum on GIN NOT at new low, ADX not at new high, while index reaches new low. Could we be seeing a Bullish divergence about to show up? Just speculating here - intellectually, not monetarily, so far, as it's, of course, quite possible that, for once, the crowd is right, the analysts are right, the book-writers and newspapers are right on time, and we ain't seen nothing yet doom-wise--CMGI destined to trade like a toddler... But...

To: Saulamanca who wrote (59954)	10/6/2000 12:53:04 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

Jim Bryan: Actually I have bearish formations on the 15-min semi-log charts for NYA (NYSE Composite), COMPX (NASDAQ Composite), SPX (S&P 500) and the COMP (Dow Jones 65 Composite) and both the Emini SP & NAZ futures charts. In addition the RUT (Russell 2000) is looking sickly as well. The 15-min intraday indicators are in the oversold area and many of the indices are setting above or in the area of support. If she breaks to the norm...look out! However, we could see a ST reversal from these levels....time will tell! INTC is testing its recent low set Oct 2nd....as I type. Time to be cautious betting on either direction...stop loss points come to mind...<gg> Regards, LG PS: I still expect the COMPX to re-enter the 90 Rising Trading Channel illustrated in my charts.