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

To: pater tenebrarum who wrote (15651)	6/2/1999 6:27:00 PM
From: epicure	Read Replies (2) \| Respond to of 99985

Also troubling is that volume did not pick up during the sell offs but rather on the little rallies- so no selling climax to mark a bottom.

To: pater tenebrarum who wrote (15651)	6/3/1999 9:11:00 AM
From: j.o.	Read Replies (1) \| Respond to of 99985

Heinz - let me start with a quick note to thank you for all of the great comments you've contributed over the last few days. You raise a number of important points, and have great figures to back up the things you're saying. For me this market is behaving very normally for a topping market with some big potential downside. Even though we are reaching dangerous technical levels, the dancing goes on. In reading this thread, where there is a decent amount of (in my opinion well-founded) bearish sentiment, it is easy to believe that the "market" sentiment is not terribly bullish. Your figures help to give a better picture of the actual market sentiment - and I appreciate all of your hard work. Again today I will look to play the market more to the downside, though I might wait on the open to see if there's any followthrough from yesterday's later up-move. Key resistance 1305 and 1320, and support 1280 (as if that wasn't obvious <g>). It is tempting to expect a "shakeout before the breakout"...keep those eyes open today, and good trading. BTW - Bonds are still on-target to test at least 5.98 (poss. 6.08) before the employment # tomorrow - then maybe the stocks breakdown, and the bonds get some flight-to-quality? Bit of buy-the-rumour-sell-the-fact in the bonds tomorrow, I expect. Bonds would fulfill their entire 5-wave downmove (in price, upmove in yields) when we reach 5.98% or higher, and then I would expect an A-B-C corrective rally which takes back at least 38.2% of the upmove in rates so far. I will look at LG's and L3's charts, and post those expected retracement levels later. j.o.