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

To: tigerman77 who wrote (60642)	10/15/2000 4:13:11 AM
From: John Madarasz	Respond to of 99985

tiger... Up late too?<gg> I think the chances are good that a test of 2897 will happen (support at the may lows), but it's impossible to say. This is a dangerous market here, a traders market only I think. Best case is a rally above 3500 that holds as support in the upcoming weeks, and keep a close eye on all the indicators. This market seems to be running late this year... Remember, the Oct. 8,1998 low was put in on a Thurs., and the put/call ratio surged to 1.078, a new five year high at the time. Options expiration was 2 Fridays later on the 16th,...interesting that the COMPX would break out and jump 5.1% the very next day on a Friday and follow through 5 days later on the 14th with a 1% or better rally on greater volume than the previous session, invariably expiring many put options worthless two days later. The index would eventually run up 112% from 10/98 to 7/99. afghanradio.com Follow throughs are NO GUARANTEE that a rally will continue, but no major advance has ever started without one of these follow through days... I'd still like to see a P/C ratio above 1.0 though... stockcharts.com[W,A]DALANYMY[DF][PA.50][VC60][I] Every time it's different, that's what makes it so interesting, eh? I think the bull needs a rest, I know I do<g> Regards, and good trading, John *much of this info came from IBD