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

To: Moominoid who wrote (67767)	1/26/2001 8:47:08 PM
From: Michael Watkins	Read Replies (1) \| Respond to of 99985

David, I'm just keeping my mind open to anything, kinda the usual around here actually. Speaking only of the COMPX right now, carrying on with a monthly chart theme, what we do not yet know is where (or if) a higher swing high and low will be set. So far, on the monthly, the downtrend is firmly intact. By all definitions that make sense, the COMPX remains in its downtrend in the bigger picture. Lower swing highs, lower swing lows. And the monthly bar has a lower high and low than December's. In shorter timeframes, there is a lot of consolidation going on. The Nasdaq could break either way out of the consolidation, and certainly its makes sense to treat the first break 'out' carefully with tight stops in case it proves to be short lived and forms a trap. I continue to have a longer term (months) negative bias but I just trade what is in front of me. Right now all I see is a big decision point coming up. Should be fun. PS: Plus I can't help but think about the long term consolidation happening in the NYA and INDU (NYA means more to me). It would be very interesting to see both markets move in unison...