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

To: Sonny Blue who wrote (12730)	5/3/1999 2:16:00 PM
From: HairBall	Respond to of 99985

Sonny Blue: But is it true that change in leadership never happened at the top? Well, that may be an oxymoron...<g> At "the top", the only leaders will be the ones leading the way down. So, maybe the previous bull leaders are really still leading, just in another direction, right? As I recall back in 87, IBM lead the way up and then lead the way down. I have never called for this to be "the top". I think no one will know for sure. I feel I am pretty good at recognizing medium term tops. And "the top" will start off as either a short or medium-term top, they always do. I would play any intermediate top from this point forward, cautiously. One will never know for sure if it will turn into something stronger. "If" this were indeed "the top" I would call this churning as money seeks perceived safer equities. Once the herd mentality determines that the perviously perceived safer equities are not safe enough, funds will begin to flow out of equities in mass. As that quickens, bond rates may well begin to fall with equity prices. NOTE: I am not calling for that to happen, now! Just something to keep your eye on... Regards, LG