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

To: HairBall who wrote (132)	12/3/1998 11:16:00 AM
From: Debra Orlow	Read Replies (1) \| Respond to of 99985

welcome back home

To: HairBall who wrote (132)	12/3/1998 11:19:00 AM
From: Byram	Respond to of 99985

Welcome Back LG - !!!! :>}

To: HairBall who wrote (132)	12/3/1998 11:33:00 AM
From: Arik T.G.	Respond to of 99985

Welcome back. Re: SPX Since it didn't cross over 1080, I believe that the reversal pattern formed between 11/23 and 11/30 is intact, pointing to at least mid 1140s, most probably 1120s, and maybe more. The reversal started with: 11/23- exhaustion gap up, and a white whatsisname, 11/24- bearish harami 11/27- a fake new high on very light half day trading 11/30- small gap down and nasty sell off at the close : a black whatisname. The whole pattern also made an expanding top formation (David Stern, if you read this, it's same page we looked at last time on the T.A. textbook), with slightly higher highs and slightly lower lows. Then from 12/1 lows till this morning we've got a rising wedge. I believe we should break down from it today before the close. If we manage to trade over 1180 then the reversal formation is nullified. IMO small chance for that happening, but that would tell me to close my short. The intraday chart points to minimal target of 1140s, but the daily chart asks for 1120s. ATG

To: HairBall who wrote (132)	12/3/1998 12:29:00 PM
From: Tom Trader	Read Replies (1) \| Respond to of 99985

Hi LG--from the time that I got the invite to post here, I see that you have been suspended and reinstated. Now that is what I call a fast mover -- reminds me of some of the internuts:) Re the market, I am on a sell signal and short the futures at this point -- but I suspect that we have seen the lows of this down-draft already and that we will reverse to the upside by tomorrow if not today. The interesting thing is that the futures made its low two days ago and we are no where near that low even as we sell-off sharply on the DOW at this point. In fact we have not come close to the lows that the futures made yesterday even during the worst of this sell-off. I got buy signals on the NDX, NAZ two days ago and the SOX yesterday; the OEX and SPX are still on sell signals and the RUT is close to a buy signal -- so it is a mixed picture. IMO -- this is not the type of set-up for a major sell-off. I don't see the type of selling pressure that I would associate with a serious decline. If the BKX gave a buy signal, I'd be willing to sell some OEX naked puts even ahead of a buy signal on futures. The action of the BKX is the only real negative in the picture at this point in terms of a turn-around commencing soon. Time will tell, of course Congrats on a great start to the thread