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

To: ALTERN8 who wrote (6550)	2/17/1999 3:30:00 PM
From: Lee Lichterman III	Respond to of 99985

The DOW didn't run up as much therefore it won't fall as far as fast. The NASDAQ really outran itself to ridiculous levels and it is now giving it back as the blind trend followers are realizing that they just paid $5000.00 for a 32 cent postage stamp. <g> I am amazed that DELL is holding up as well as it is. HIgh PE's are possibly OK when you are growing but even MD said the next 2 quarters will have single digit growth. Yeah that's worth this PE in the 100 area. PS - OEX just started to break. My service is hit and miss and it is too close to the close to trade it for real but paper trading OEXNC (615 puts) at 5 5/8. Will close when 610 OEX hit or else when she starts to reverse. Lee

To: ALTERN8 who wrote (6550)	2/17/1999 3:37:00 PM
From: HairBall	Respond to of 99985

ALTERN8: Well, I would think that the "Dow" Dow Industrials I assume, is not flying quiet so high with irrational exuberance as the NASADQ Composite. The SPX is made up of issues from both indexes so I do not look to it as a leading indicator when the IND/DJI and NDX/COMPX diverge. So, I suspect that it is not a matter of the IND/DJI rising to the same level of irrational exuberance as the NDX, but more likely the NDX will give back some of that speculative price action and come back down more in line with the IND/DJI. BWDIK Regards, LG