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

To: j.o. who wrote (15265)	5/28/1999 3:36:00 PM
From: KM	Read Replies (2) \| Respond to of 99985

Right now, I'm watching about 40 stocks and you can't make money long or short in any of them.

To: j.o. who wrote (15265)	5/28/1999 3:40:00 PM
From: Compadre	Respond to of 99985

J.O.: <<Anyone expect a late, thin-market squeeze today?>> Bite your tongue. <GGG> Regards, Jaime

To: j.o. who wrote (15265)	5/28/1999 3:46:00 PM
From: HairBall	Respond to of 99985

j.o.: You ain't going to see any US Market action Monday...<g> Regards, LG

To: j.o. who wrote (15265)	5/28/1999 4:05:00 PM
From: bobby beara	Read Replies (6) \| Respond to of 99985

j.o. i'm wavering in my wave count -g- RUT held up strong during this correction and is not fitting in with my gloom, doom and ba-boom, also we are now blasting out of an inverted H&S on the nasdaq on the 60 minute chart out of a very oversold condition. take a look at the wave count on NITE. looks like one ended January and three ended in april and I've been in a quandry about that being the count in the GIN or if wave one ended in November, this giant ABC could be a wave 4. thoughts? if the XBD closes above that support/resistance area and makes it support again we could be in for a another wave up. i bought hasbro today, been going thru lots of beanies lately -g- bb

To: j.o. who wrote (15265)	5/28/1999 4:05:00 PM
From: Compadre	Respond to of 99985

j.o.: You were right, covered in the nick of time. Regards, Jaime

To: j.o. who wrote (15265)	5/28/1999 4:07:00 PM
From: ILCUL8R	Respond to of 99985

>>PS - Anyone expect a late, thin-market squeeze today?<< I was expecting it. Now, look at ^ixic, ^sptksm, ^soxx and ^dot (Yahoo index symbols). I have been following AMAT and saw it skyrocket 1 1/2 points in the last few minutes. What gives? Does this signify anything? If I had an on-line trading account, could I have gotten a fill during these last few minutes? Interest........

To: j.o. who wrote (15265)	5/28/1999 4:40:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 99985

j.o., i just looked at the charts and would tend to agree with your wavecount. the nutz have bounced from an oversold condition, which i expected. some of them(YHOO,DCLK)have now met up with their declining 10-dma's and we may see an attempt to overcome them early in tuesday's trading. probably the attempt will fail; i believe that today's rally will convince many people that a bottom has been made, which is possible but not likely(i concede that some accumulation has been going on all day,but i have seen this before and it was all forgotten a day later). more trouble looms for tech stocks in general imo, despite today's strong showing. what today has mainly accomplished is to instill a false sense of confidence. let's not forget that most indexes have bounced from important support levels of one kind or another (be it former resistance(SPX), 50-day ema(DOW)) and these supports don't get easily violated. i expect quite a bit more downside before the market puts in a true bottom. open interest distribution on various OEX strikes would suggest that a ceiling for short term upside exists at 670, so we may get one more strong day before the decline resumes. i reserve to change my opinion if the market's action or my indicators call for it. right now, your wave count is my preferred view. regards, hb