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

To: Greg Jung who wrote (1828)	12/15/1998 12:44:00 AM
From: John Pitera	Respond to of 99985

Greg, Is it THE Bottom on the Drillers; looking at the Daily Charts of Slb, Flc,Rdc, Pten, and looking at momentum charts, they have one of the most unusual set-ups that I have ever seen. Clearly they are in short-term rally mode. However, they may be signaling even lower prices (Hard to believe) within the next 3-5 months. If you want to dissect the wacko price-RSI,MACD incongruities in more detail we can do so when the hour is not so late. I have a short-term trade on in SLb and Do right now, However I am wondering if this group was not so overloved and overcommitted since Oct of 1997 that all the way down from Oct 1997 this group has had too many eager buyers, myself included, that make it impossible for the Drillers to Justify our Love for quite a while. Passing Observations, PS: Want to Reiterate that a short-term rally continuation is very possible and you may be able to buy the dec calls on SLB at 45 for a buck and watch them go out a 4 and the Do 25 calls might be had at a 1/2 and go out at 3. Maybe , however the next 6 months may be tough Always Interested in Key market Sectors, John

To: Greg Jung who wrote (1828)	12/15/1998 1:42:00 AM
From: James F. Hopkins	Respond to of 99985

Greg; No it has not put in a bottom, Every thing was closing down late, sell progarms hit towards the last few minutes, the futures took a nose dive The NY market was held up the best the Specalist could, The Dow had 7 up for 23 down issues, DOW internals 'up vol 24,340,200.00 $(194,350,260) ,<cashflow 'dn vol 60,787,000.00 $(32,608,952,120)Cap move 167.7844533 ,lever ------------------------------ One more thing that don't look good is the Total volume was just about normal, yet for every $1 taken out; the market value of the same stocks lost $167.78 8650 is a hinge point..if BUYERS do not come in by then, and she slips below that then look for down momentum to pick up..if buyers start to show up, then the specialist will cover their shorts. BUT I'm not really expecting buyers till later this week. Jim