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

To: Skipperr who wrote (8996)	3/24/1999 1:00:00 PM
From: Daflye	Read Replies (1) \| Respond to of 99985

geocities.com Enjoy Skipperr. Thoughts, index put buying (OEX) picked up considerably at the close yesterday and seems to be even with call buying today. Most calls being traded north of 620, all the way up to 700 in the April series. Poots are going off heavily below 630. Maybe yesterdays drop brought out enough bearishness to push the market back to retest last weeks highs. On a weekly SPX chart going back to April 96 there is a correction trendline, I think BB or Vitas mentioned it weeks ago on the BK thread, connect the lows from 4/96, 4 /97, 10/97, 1/98, 9-10/98. Every good correction has brought the SPX down to this line. It is around 1150 on the SPX now, around April 6-9 it should be about 1165-1170. On a weekly chart the current uptrend has clearly reversed, but still allows for a retest of the highs before further downside, ala 10/97. I dunno, I'm still flat (chested, heh heh heh) waiting for a push either way, TRIN seeems to trending up, now around 1, VIX steady, NAZ not as weak as other averages (yet). I'm inclined to go long the OEX, and let the Dipsters do the work for me, But I would like to see a solid break of either 634 up or 629 down before I move. Also would buy putz on AOL if it made a feeble run to 125ish. Like DOW 10,000, DOW 9600 seemed too telegraphed, everybody was waitin' for it, now we've got em'. Rittenhouse Sq indicator, still too many IBDs leftover at Barnes and Noble and WAWA at the end of the night, but hey why worry about it, we all knew it would happen, right???? heh heh heh Personally I feel a run -up will start today or Thurs, continue into next week, and reverse hard. Should coincide nicely with actual earnings reports, FOMC meetings, the cycles, moons, first quarter window dressing, and (for you BB) April Fools Day. Again the negatives seem to obvious, what to do what to do..... ????????????????????????????????????????????????????????????????????? D