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

To: Jerry Olson who wrote (7925)	3/10/1999 1:59:00 PM
From: donald sew	Read Replies (2) \| Respond to of 99985

INDEX UPDATE ================================ I just got back from lunch and the DOW is up 70, which surprised me a little since Im am expecting a small pullback but not that small. I checked the NEW HIGHs/LOWs and the NEW LOWs still is slightly greater than the NEW HIGHs, so nothing extremely positive there. Then I checked the actual components and discovered that the 3 OIL sector components of the DOW(DUPONT/CHEVRON/XON) are up strong. I have heard that for every point a DOW stock moves up it is approximately worth 4.3 DOW points so at the time those 3 stocks accounted for about 40 of the 70 DOW points. Now the oils are up since many are speculating that the price of oil may be rising - unless Im a complete idiot that is not that great for the stock market since it implies higher fuel costs which implies inflationary pressures. This is just another example of manic buying. Hey let the market run to 10000+, and I hope it does since it will just make it really easy to play PUTs. seeya