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

To: bobby beara who wrote (7309)	3/2/1999 2:46:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 99985

Up until now, I have been moderately bearish while my velcro suit was in the cleaners. Looking at the charts tonight, there are a couple that look semi bullish but nothing to write home about. I did get a buy trigger on my XOI oil index chart but as I have been tweeking it up through the weekend I don't put much faith in it yet. What I do see tonight as I scan for short opportunities is a multitude of daily and weekly stochastic, and MACD signals crossing over about ready to take the plunge. My leading stocks still have not tanked hard though so either they are on to the ones I watch or else this drop may not be that hard although it could still get scary. I didn't post my bearish chart of the NASDAQ on the MDA site but I do have a possible H&S pointing to 2065 area. While H&S are not very reliable, this target also correspondes to a support line and also shoots to the middle tine on my red downward fork for a meeting in Mid March which is a cluster time period on many of my charts for various lines. The last time we had a convergence like this was the Jan top. It definitely looks down from here unless we get a bounce or some stabilizing action quick. I still don't have confirmation from my momentum indicators yet though so the drop still may be controlled .... This time. PS - Anyone see the Nikkei drop hard a couple hours ago. Scary how fast it went. BKX still up but approaching resistance soon. IIX looking tired as it tried to rally today. This old bull should have stopped smoking as it has no endurance left. Good Luck, Lee