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

To: dennis michael patterson who wrote (4432)	1/21/1999 3:40:00 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

DMP: Who is Steve Shobin...really? <g> Look again my friend! By the way IMO, select heavier weighted Dow 30 stocks are often moved contrary to camouflage intent. Regards, LG

To: dennis michael patterson who wrote (4432)	1/21/1999 9:57:00 PM
From: bobby beara	Read Replies (2) \| Respond to of 99985

D, I recently attended (11/6) a market technicians association seminar, where Shobin was a speaker. He is outstanding. But I'm sure he wouldn't base his whole market analysis on one stock. He was very bullish on 11/6, but at that time the market internals were extremely strong and actually that was the peak of the a/d line. He did mention that GE was his bellweather stock, but that is only one tool in a giant toolkit. He did point at the time where he would like to see the a/d line to confirm bullishness and that is a lot farther up from here. We have higher highs in the spx and lower lows in the summation index. Check out this divergence. This has proceded every significant correction. We also have an extreme in sentiment that has been manifesting itself for over two months in put/call ratios and this week II survey most bulls since August 1987. For those who knocked Joe Granville. He has been an unrepentant bull since July 96 and has been ABSOLUTELY right for 4000 Dow points. You have to listen to a guy who has been Johnny one note and now has changed his mind. Yes was wrongly bearish in the early 90's, but you get much smarter from your failures. John Elway seems to be getting things right lately too -g- Like I said in December, Broncos and bears. bb