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

To: donald sew who wrote (6568)	2/17/1999 9:22:00 PM
From: Daflye	Read Replies (2) \| Respond to of 99985

Donald, this is the part where I get nervous. heh heh heh. As in August 98, oversold conditions persisted and squashed most of my quickie long side trades. I wasn't good enough then, I'm better now, but still nervous. Have your class 1 buys been negated by persistent selling? Overbought and oversold are fairly relative and can persist for a while before reversing. Tough nut to crack right now. Bullish % dropped a little today, down to 55.7% or so from 61, CBOE put/call bumped up a little, and it is expiration week. ugh. Utility av barely broke though resistance at 290, but still beneath 200dma. Major averages resting right on 50dmas. Seems alot like August, drift sideways along the 50dma for a few days, maybe a week or two, then WHAMMO. Cheers, (yeah right) D