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

To: Zeev Hed who wrote (69791)	2/21/2001 12:17:36 AM
From: Chuck Williams	Respond to of 99985

Zeev: Touche' My scope was strictly the tech train, and when it will depart. Having said that, I contradicted myself from an earlier post discussing bio and some of the stalwarts (INTC, MSFT, etc.) Since you mention it, I guess it's plausible the biggun's didn't react as negatively as I hoped due to their involvement in the DOW/S&P. Thank you for that reminder.

To: Zeev Hed who wrote (69791)	2/21/2001 12:54:46 AM
From: KymarFye	Read Replies (1) \| Respond to of 99985

As for the Dow, if the Nasdaq hadn't been committing this yearlong indiscretion, no one would be so terribly impressed that the Dow's been hanging around in low five-digit land. Instead, everyone would be complaining that it's hardly budged in a couple years. S&P, same thing. (Plus I agree with Bobby that the NYSE's lookin roly-poly.) Both of the major disgusting boring Old Economy indices have been putting crowns on their secular bull market moves - which likewise would strike people as a whole lot more parabolically precipitous if not for the Nasdaq. From a long-term perspective, each broke its uptrend months ago or more, and has been hanging around a trading range ever since, with the implicit danger of what some might call a "long overdue correction" in force all the while. If we weren't near the beginning of an interest rate easing cycle, I'd have to consider a breakdown below 52-wk lows (at least) in all the major indices to be almost a given. Tonight, it seems likely, but I don't look at the boring disgusting Old Economy indices very much, so I don't trust myself on them. If the charts on either happened to look a little better, or if the Nasdaq wasn't being so Nasdaq, I guess I'd be more strongly emphasizing, that a chance of a breakout to the upside and resumed upward movement can't be excluded either.