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

To: bobby beara who wrote (4942)	1/29/1999 8:43:00 PM
From: StockOperator	Respond to of 99985

I'm still traveling and have not had the time to follow the markets. But as I have been saying longer term trends are still bullish. A couple of very positive things happened this week. First of all, besides the NASDAQ, most of the major averages started the week in very tentative positions. Most we're resting at key support levels. Instead of breaking down they moved nicely. As a matter of fact the Transports broke out of their very tight range of the past couple of weeks with a huge rally on the back of the Airlines. The RUT also is setting itself up for a breakout. I'm not able to get a complete picture of what the market is doing, but on the surface things performed nicely. My attention is right back to what's responsible for me being bullish the past couple of months - the Transports and Russell. What this bull market needs now more than anything else is a broadening out into other segments of the market. With the move in the Transports today look for a continuation in the next couple of weeks. Also the RUT is at a "do or die" position, look for a breakout soon. If we do not broaden out soon I'll start to take a hard look at what the market is telling me. Oh yes, if we do broaden out I think there's a possiblity of a "melt-up" not a "melt-down" in the market. Too soon to say, I will get a better feel once I get home on Monday. Great trading. SO