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

To: HighTech who wrote (13605)	5/11/1999 11:31:00 PM
From: Les H	Respond to of 99985

ratio of advancing issues versus declining issues divided by ratio of advancing volume versus declining volume The 10-day TRIN is .847 which is not at the extreme level yet. Since the ratio of advancing volume versus declining volume is much greater than the ratio of the number of issues, the TRIN is below 1.

To: HighTech who wrote (13605)	5/13/1999 8:30:00 PM
From: HighTech	Respond to of 99985

Where to from here? This market is difficult to understand. Intuitively, I feel that it will or should tank given valuations, how far it has risen since October 8, and the fact that bond interest is on the rise to name a few. Yet, the advance/decline line has been improving, the new highs/new lows has been better, and the lagging markets (R2000,etc.) are now showing strength. The question is: is this a case of the generals/leaders losing strength and laggards showing new life - a classic sign of a market top? OR, does this new participation suggest a new leg of the bull market? This question is driving me crazy. I've never seen a market at this high level have so many confirming indicators. There is a sense of complacency yet it seems justified considering the market internals. It is typical in my view that when the market has made the kind of run it has now made that many divergences begin to emerge; yet, I just don't see that many. Based on gut, I'm chicken; based on analysis, I guess I'll just keep buying the dip. It has worked time and time again. Even at these levels and against my better sense of reality. This market can drive one crazy! -g- HiTech