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

To: Ramsey Su who wrote (9431)	3/29/1999 9:56:00 PM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 99985

Tonight on NBR, there was some discussion on the Funds and their respective inflows and outflows. They stated that there have been the largest fund outflows in recent history. When asked how the indexes were moving up inspite of that, the answer was that the market rallies are being performed by foreign money. When asked if this foreign money had staying power, the answer was avoided and finally hedged with a "they might be moved into defensive bonds etc" When looking at the various sector index charts, they look bullish. I had to move many of the downward forks to upward ones or else upward channels. However when I was working on my individual stock charts, there was low volume (many less than half normal volume) on the majority of the advancers and though most were up today, many of the advances in the non-Mo Mo stocks were anemic advances being in the 1/8s or 1/2s. Many of the Mo Mo stocks themselves stalled at significant resistance points on my charts. While I do expect some follow through in the next couple days, I am neither bullish nor bearish. I feel the fundamentals of this market are worse now than at anytime inthe last 15 years and that prices are way past ridiculous. KO warned today and only fell 1 point in after hours trading. This is a stock with zero growth, warning of a 2% drop in forward revenue trading at a 40 PE. HOWEVER, manias can go on a long time and if the NBR interview is correct, where else can foreign money go. Their currencies are devalueing daily, their own markets are horrid so our bubble is looking better than their zero interest savings accounts and markets that continue to drop further after each perceived recovery. One would think that the Japanese would have heard the expression, "fooled me once shame on you, fooled me twice, shame on me" After popping their own bubble and now attempting to finish off ours, I guess not. <ng> Good Luck, Lee