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

To: Smooth Drive who wrote (13357)	5/9/1999 11:10:00 PM
From: HairBall	Read Replies (1) \| Respond to of 99985

Eric Stevens: Thanks as always for your contribution to the MDA Thread. I am having a little trouble understanding P&F... Virtually all my short and long term P&F based indicators are bullish. You can see that the % NYSE > 10 Week MA and the OPTs > 10 Week MA are now overbought and so is the NYSE High Low Index. Reversals down from these limits could change the short term outlook to bearish. The NYSE Bullish % increased again as more equity stocks are participating. But, we must remember that the risk status is Bear Correction. The light is flashing red. How do you get a bearish correction status from Virtually all my short and long term P&F based indicators are bullish. from this??? Regards, LG

To: Smooth Drive who wrote (13357)	5/9/1999 11:11:00 PM
From: pater tenebrarum	Respond to of 99985

Eric, your P&F charts seem to imply that we may indeed get a real blow-off before this is over. at least that is what your potential bullish price targets point to (provided the break to the upside materializes). the performance of the utilities is yet another riddle this market throws at us; i find this proliferation of divergences near record highs for the indices a bit unsettling, but maybe the utilities foreshadow a short-covering rally in the bond contract. there is a lot of put open interest clustered at the strikes just below the point the june bond is trading at and bullish sentiment in the bond pit is at a low ebb as well (no wonder, the june bond chart looks terrible). perhaps the bond is ready to confound expectations. regards, hb