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

To: Les H who wrote (7071)	2/26/1999 6:17:00 PM
From: bobby beara	Respond to of 99985

Les, nice chart on AOL, one of the few stocks making new highs on the NYSE on the third top of the SPX since early January, notice how the new highs have diminished considerably at each successive peak. It looks like it is making it's last leg up and when it peaks and rolls over the rest of the market will also. There was a news story, some analysts said this is the "must have" internet stock, that along with the disappearance of bears on the AOL thread is clear topping sentiment. Over the last several months we've heard low rates and tech stocks dripping of everyones' lips on wall street, now . . . rates have broken above resistance and . . . The Nasdaq has a perfect rounded top H&S pattern with disapointments from many tech stocks like DELL that have been consistently blowing-out estimates and earning high multiples. and the leading sector of the market (internets) as comprised by the tulipmania index (cmgi, ebay, aol, amzn, yhoo) made lower highs at the 2nd and 3rd peaks of the SPX (techs stocks made lower high at the third) prepare for bear(a) -g-