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

To: j.o. who wrote (14766)	5/24/1999 2:01:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

j.o., i agree, the 50-day EMA is under attack and if there's a significant break of it that would be another confirmation that the bull is in trouble. so many important sectors of the market are displaying weakness that it is a miracle the indexes have held up as well as they have so far. if we get a pop due to oversold conditions, it will likely represent a shorting opportunity. surprisingly though, many dow stocks don't look so bad in terms of put vs. call open interest. this suggests there may still be a chance for another run-up at least in the dow. the plunge in the internet stocks though is very ominous. they have served as a very good leading indicator for the most recent rally, and i am inclined to assume that the same is true for the downside. regards, hb