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

To: Impristine who wrote (8398)	3/17/1999 7:22:00 PM
From: Les H	Read Replies (2) \| Respond to of 99985

how about some Prozac? Greg Nie For: March 17, 1999 More so than the brevity of the touch at Dow 10,000, investors should be concerned with the threat of inconsistent and mediocre tape action to the longevity of this lift attempt. Looking back over the last week and a half or so, the bulls have once again delivered only a glimpse of the type of tape action necessary to drive the market comfortably above Dow 10,000. If momentum means everything to the bullish scenario, then the bulls' performance during this lift attempt leaves a lot to be desired. The combination of inconsistent upside momentum and the ongoing list of technical flaws and non-confirmations suggest a much greater probability than normal for an inverted "V" pattern over the very short-term. We do expect the March expiration bias to be on the upside and are looking for evidence of such late in today's session. That may be the only reason the Dow gets over the 10,000 barrier for more than a minute. Let's face it ---- the excuses for profit-taking were already in place before this lift even started. The A/D line, the Dow Transports, the warning flag from the Utes and now a marginal overbought form the 10-day TRIN (.78) all point to an abrupt ending for this move, probably next week. everensec.com