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

To: donald sew who wrote (4509)	1/22/1999 8:59:00 AM
From: Lee Lichterman III	Respond to of 99985

Concur pretty much. The DOW finished the H&S that it was working on earlier last week. While it is not a high percentage formation, it is still valid at times. It projects a drop to around the 8800 level. However I have my middle fork tine showing support around the 8950 level which would coincide with your 9100 target level pretty well. I think I recall GZ showing support at 8950 as well but do not know what method he used to arrive there. Futures just headed south in the last 10 minutes or so after holding around the 1230 level most of the night on low volume. Last I looked they were struggling to hold 1226. This is of course before the sell programs kick in. This should be a bumpy ride today. Still knowing the MM games before a weekend, I am inclined to lean towards a closing rally to make the numbers look good for the J6Ps though the charts say otherwise. Good Luck, Have to go to work, Lee

To: donald sew who wrote (4509)	1/22/1999 9:15:00 AM
From: Les H	Respond to of 99985

Some of the internet indexes are masking the bear market in internet stocks since they include MSFT, ORCL, SUNW, and EMC, and since AOL has relatively held up. The average stock that I've looked at is still 100% above its 200-day moving average.

To: donald sew who wrote (4509)	1/22/1999 9:20:00 AM
From: HairBall	Read Replies (1) \| Respond to of 99985

Donald: You assessment of the importance of the latest low is correct, IMHO. It is the top of the inverted flagpole of the bear flag just resolved. However, to complete it needs to move down below the flagpole top. (9087 per the DJI Actual Data) This would also go a long way in completing the last shoulder of the H&S pattern in progress as well. Support areas are listed in my last posting to you, I believe. I told Bobby the beara, back in July, that the “internutz” would be the last to give it up and once that happened that may well be the signal of a major correction. BWDIK Regards, LG