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

To: eichler who wrote (78498)	6/12/2001 12:54:12 PM
From: HairBall	Read Replies (2) \| Respond to of 99985

eichler: If the intraday oversold condition does not provide a bounce, we could see more than just a continuation of the decline...an acceleration! I need to correct mistakes in my last look at my charts: My NYA 65-min stoch is in the oversold range and trying to base. My COMPX 65-min stoch is in the lower range and still descending towards the oversold range. My 30-min stochs for both Indices are in the low end of the oversold range hitting the skid plate so to speak...<g> Regards, LG

To: eichler who wrote (78498)	6/12/2001 12:59:58 PM
From: t2	Read Replies (3) \| Respond to of 99985

eichler, Have to admit that yours and others' technical analysis pointed to weakness...and you were right. I don't believe the Nokia warning was the reason for the weakness today, it only helped it along. Even without the warning, the market looked to drop. Congrats on your call To me, it looks like this level--just above 2100 is the new base setting up for the market. The case for the bounce is getting stronger...basically yours and LG's predictions. I don't recall a Put/Call ratio staying at such high levels over 1 for so much of the morning without any movement in the Nasdaq index. Reminds me too much of early April and now we don't have the redemption of funds for tax payment, an issue that was faced back then. I don't know how much of a bounce you expect. The trading in the last 2 hours should give us a hint. If the P/C continues to stay high, it could mark a bottom on the Nasdaq....I don't mean absolute, more of a short term bottom with the longer term depending upon how things unfold in the coming weeks. Will note that VIX and VXN is not that high.