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

To: epicure who wrote (12616)	5/1/1999 9:10:00 PM
From: bobby beara	Respond to of 99985

X, I don't believe the market is in that position right now - just a correction, I've just been looking at consumer staples and it looks like it has been consolidating most of the year and may be a sector ripe for rotation into. Walmart retested it's Jan 6th high on Friday and bounced off it good. HD looks good too. Many internets looked strong Friday also. If we count sept as a starting point, the internet indexes may have completed wave 3 in mid April and we have another leg up, after this correction is over (was it over on the 19th?) >>>But if the market crashes- folks will run to gold even if it is overbought. <<<< I don't believe that was the reason gold/xau bounced so hard, I think it was just a violent reversal off a deeply oversold bottom. Gold/xau had to be one of the most oversold asset classes of the bunch late august 98 and it's a mo index. The chart pattern has all the elements a breakout on volume, with a gap move and close on the high across the trendline off the October high and a right shoulder compared to the left shoulder in Jan 98 and head in Sept. Need POG to confirm. I'm surprised it has taken this long to bottom, as the xau pattern has followed the nikkei index fairly closely. I just think it needs to consolidate this quick move and I want to try to buy it back at 68-70. bwdik