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

To: Moominoid who wrote (4697)	1/25/1999 9:49:00 PM
From: donald sew	Read Replies (2) \| Respond to of 99985

INDEX UPDATE ============================== quote.yahoo.com From the above URL, one will note that the NEW HIGHs/LOWs were in favor of the LOWs and the A/D was also in favor of the decliners. However the UP/DOWN volume was clearly to the up side. I presume that todays rally, again was quite narrow and not very supportive of strength in the market internals. Also the volume was relatively low, compared to JAN's average, so a rally on weaker volume is also not a great sign of strength. I had previously mentioned that I got a CLASS 1 BUY signal on the INTERNUTS on FRIDAY and they popped nicely to the upside, unfortunately there was not a convincing follow-thru today with the INTERNET INDEX(DOT.X) up only slightly. Another not so strong signal. Previously I also mentioned that there were quite a few CLASS 1 BUY signals on individual DOW stock, but with the exception of a few DOW stocks like MMM, the CLASS 1 SIGNALs did not really move that much. Originally I felt that this upswing may be tradeable, however I am suspecting otherwise now. Another area of weakness was the anemic performance of the DRUGs, which has been selling off recently. The DRG index is actually forming a clear HEAD&SHOULDER chart and we are now in the right shoulder. I still will not discount the liquidity of the market or the momentum, so there is always a chance of setting higher highs but its getting slimmer and slimmer. The Junction of the WEDGE and PITCHFORK is approximat ely this FRI/next MON, so will be watching that closely. seeya