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

To: HairBall who wrote (4407)	1/21/1999 11:41:00 AM
From: John Pitera	Respond to of 99985

LG, yes IBM has caught net fever...the earnings are coming out after the close, they will probably be favorable. If this is the case, then the prime shorting will be 2-3 days after the close tonight. John

To: HairBall who wrote (4407)	1/21/1999 1:49:00 PM
From: donald sew	Read Replies (13) \| Respond to of 99985

INDEX UPDATE =================================== Many of the INTERNUTS have sold off dramatically, in some cases 50%. I realise that some may argue that they are still up substantially from their initial prices, but a 50% pullback is nothing to discount. In light of this strong selloff many of the INTERNUTS now have CLASS 1 BUY signal per my short-term technicals like YHOO, AMZN, EBAY, EGGS, ONSL, etc. IN NO WAY AM I RECOMMENDING TO BUY THEM. My position is that if the internuts do not bounce strongly by tomorrow or MON, it would be a strong signal that the INTERNUTS are on their way out and should also start to pull the rest of the market down since they were the momentum leaders. In other words if there is strong rebound in the internets in 1-3 days, it would be a strong signal that this pullback is not just a correction but possibly the beginning of a bear market in the INTERNUTs. Also watching the DOT.X for confirmation. The DOW was down about 70 points intraday which breaks LG's 30 min FLAG FORMATION to the downside and again has broken the LOWER trendline of the WEDGE to the downside. My short-term technicals for the overall market is now in the mid-range so a possible pop could occur at any time, especially in light of the CLASS 1 BUY signal in the internuts. BUT if there is no bounce, not even a little one - thats not good. Im not calling for the BIG KAHUNA, but just saying that the forthcoming pullback should be relatively strong and that 9650 may have been the mid-term TOP. If the major indexes set lower lows in this/forthcoming pullback, that would be a significant signal that the the TOP at 9650 is confirmed for the mid-term(30 days) and possibly longer(maybe alot longer). I recall just a few days ago when the DOW was up 200 points, many were saying that we are off to 10000-11000 and that there was no need to do technicals or fundamentals since we are going straight up(UPCRASH). Of course there is the other side where some are still saying a big KAHUNA. Again I frown on strong opinions since there is no such thing as a 100% certaintee in the stock market. On a statistical basis, one way or another its a 50:50 chance on these strong opinions. So if one is right, she or he is a guru - right! My impression was that we should learn from each other not to have some competition of guru-bility. Sure we all have super-egos, but the key I thought to posting on threads was to learn and to make money not a competition, like those fashion shows in high school like imature teenagers. So what if one is wrong. Seeya