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

To: danderso who wrote (3249)	1/4/1999 9:28:00 AM
From: donald sew	Read Replies (2) \| Respond to of 99985

INDEX UPDATE ------------------------------ As previously indicated, feel that the market should be up over the next few days. Since the overall technicals are in the mid-range to overbought, it appears that based on time the overall market has about 2-3 days of upside. This does not mean that it will move straight up 2-3 days in a row, just that it should be up. If the market does move up in this time frame it will make my short-term technicals into CLASS SELLS, and if that is the case such SELL signals will be tradeable to the downside. Not yet calling for a strong pullback, but just saying that it will be tradeable. Of course the market could head straight down from here and I might miss my entry point. Still sticking to the top to arrive between this WED to next MON, but need to watch on a day by day basis. Just want to bring it to the attention that so far the SANTA RALLY is negative so far by a few points, and on a statistical basis there are 2 more days left to the so-called Santa rally. I have read that if the Santa Ralley is poor then statistically it is a negative sign for the forth coming year. Just a reminder, after Thanksgiving many were bullish calling for 10000 by today, and then last week when we had one strong up day and many felt that the DOW would have set new highs by today. My position was that the market would not go far in either direction by the end of 1998, which has occured. For only the short-term, feel that the upside resistance is around 9400, if it gets that high, and I hope it does since my short-term sell signals will be clear. The forthcoming dip should be tradeable but at this time do not feel it will be large, maybe 200-400 on the DOW. No big deal, just trying to identify as many ripples as possible. Of course if the market internals worsen the dip will get stronger. Seeya