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

To: StockOperator who wrote (12991)	5/5/1999 11:45:00 PM
From: HairBall	Respond to of 99985

StockOperator: Well heck, I glad someone is having an exciting night...<g> Regards, LG

To: StockOperator who wrote (12991)	5/5/1999 11:45:00 PM
From: Compadre	Read Replies (1) \| Respond to of 99985

SO: WOW!!! That's one heck of a turn around for you. Just this morning you were warning me of a bull trap. I also see some improvements in the tone of the market but I am not nearly as exited as you are. I'll have to get back to you on this one since I have to take care of some thing before it gets too late. Talk to you later. Regards, Jaime

To: StockOperator who wrote (12991)	5/5/1999 11:52:00 PM
From: bobby beara	Read Replies (1) \| Respond to of 99985

SO, I'm tending to agree with you, I saw several failed bearish patterns in the nets today. one net stock guy i follow went cash yesterday and had a flurry of e-mails complaining they were underwater and were probably panic selling. and then you have the Dow theory guy still bearish from august 98 as the trans makes a new high -g- If we do go to new highs in the net indexes this will definitely be wave 5 from the sept low and will be time to get very short and buy a bomb shelter -g- bb

To: StockOperator who wrote (12991)	5/6/1999 12:09:00 AM
From: Lee Lichterman III	Read Replies (2) \| Respond to of 99985

SO, you may be right and I see some bullish patterns in some things as well but also note that when I ran my scans tonight, I had zero, zilch, nada showing over sold and a medium sized list of over bought stocks and indexes. This after the sell off of the last couple days and a weeks worth of dropping in the NASDAQ. Like I said, I see signs we could have a blow off top here soon but I have sell signals on the trannies, Utilities and the airlines now and the weekly DOW still has a class 2 sell which means we should be within a couple weeks of a more substantial sell off than we just had. The recent activity just delayed the inevitable. EDITED - EMC is still selling off on high volume, DELL is feable at best, WMT stayed around 44, the XAL index and DTX had hanging man formations on the candles and the US Dollar Index DXY broke down harder fromthat wedge we were watching. My chart at the MDA site shows that wedge clearly and the rapid fall once the decision was made on which wayit would go. I expect it to fall to that next red dashed support line or the base formed just above it which would be between 98 and 98 1/2. The XAU is still breaking upwards fast which implies more inflation concerns. To make it short, all my stuff has the extreme short term unknown and slightly biased up but the 4-6 week picture is pointing down. I may scalp a few longs but I won't be sleeping at night unless I unload before the close and I plan on purchasing puts in heavy doses when the price gets right. Follow the forks and good luck, Lee