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

To: StockOperator who wrote (12483)	4/30/1999 10:21:00 AM
From: bearshark	Read Replies (1) \| Respond to of 99985

SO: I missed the initial opening. However, after the first half-hour the volume looks good to sustain a rally. The INDU looks a little soft now and MRK did not move up over a point. It has to deal with its awful chart. I really like the stock but not with its chart. IBM, GE, etc moved up as they should. CAT and some of the other cyclicals are taking a break and letting the true leaders lead. If you go back several weeks ago and look at the cyclical charts, you will see a number of rectangles--formations that can break in either direction. In CAT there was a symmetrical triangle with some blemishes on the volume structure but I considered it valid. Take a look at the beautiful breakout on volume from that triangle. Nearly classic. I have to look at the chart this morning to see how the markets moved in the first half-hour. My first look makes me feel a little shaky about the start. I really should not post this much.