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

To: Arik T.G. who wrote (5686)	2/8/1999 9:23:00 AM
From: donald sew	Respond to of 99985

INDEX UPDATE ==================================== Futures are up and just heard a bunch of upgrades on the semi equipment makers and MARIA said that they will definitely be up and the market will ralley. For the overall market my short-term technicals are near/in the oversold range but still a distance away from the short-term extremes of my CLASS 1 BUYS(DOW is still in midrange with most indexes in just entering oversold range). The market does not have to get to the extreme oversold region(CLASS BUYs) to rebound and sometimes it never does. However, in light of the weak market internals the liklihood of going down some more before rebounding has increased. What Im trying to say is that we may see some more WHIPSAW action today or tomorrow. For the last 15 trading days the DOW has not really gone too far in either direction which supports the STAIRSTEP theory. We should also keep in mind that the BEAR FLAG should dissolve by TUE/WED to the downside. I do believe that there will be a rebound, but I am suspecting that a rebound attempt starting today may be a bit early. Seeya