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

To: Les H who wrote (67878)	1/29/2001 5:59:41 PM
From: Les H	Read Replies (1) \| Respond to of 99985

WHAT TO EXPECT NOW. January 29, 2001. Ord Oracle. marketweb.com The March S&P may be heading into a top somewhere between tomorrow and Friday. We have been watching the Put Call ratio on the CBOE and readings near .50 and below appear near highs. Today's ratio came in at .48. We also watch Bob Carver's weighted put call ratio and readings near "3.00" and above appear near highs. Today's ratio closed at 2.12, though not at extreme yet, it's pointing in that direction. The things we will be looking at to signal a top will be the volume statistics and candlestick charting. We would like to see a test of the January 24 high on lighter volume and coincide with a bearish candlestick pattern. The March S&P is very near the January 24 high now and tomorrow's rally could put in the necessary condition to trigger a top signal. We are flat for the moment. The Nasdaq 100 may follow the same scenario as the S&P's for the near term. We will be looking for a light volume rise and a re-test of the January 24 high and that coincides with a bearish candlestick pattern. This particular event may not happen exactly, but another similar condition may materialize. If a potential sell signal is generated, our downside target will be the previous low of January 3 near the 2100 level on the Nasdaq 100. We are flat for the moment. We are bullish on gold. Wave "1" up was the October 1999 rally. Wave "2" down ended at the November 2000 lows. We think wave "3" has started.