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

To: donald sew who wrote (15720)	6/3/1999 8:55:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 99985

>>I already got some overbought readings and the significant selling could start within 1-2 days, and as early as today.<< Where are you seeing these? (I haven't read your update yet, so if you state where in it, disregard this message as I am heading there after I type this) I still have mostly over sold readings and am expecting a bounce soon. I got a buy singal on the BKX and have a few others that look like they are due to do technical bounces like DELL etc. Most I would not trade including the DELL but still in light of these, I expect the oversold readings and the J6P end of week factor to prop us up here until next week. Sorry I have been so silent recently and have been late in my chart updates but this new buy/sell indicator I have been working on is taking a lot of my time. OJ is bullish but I for one can not figure out why. Almost all my charts look horrible and I see no sustained upmove in the future according to my crystal ball. I also use P&F charts to a limited extent and they all look like crud too. I expect a series of technical bounces of very short durations as we resolve a few of the remaining triangles. These remaining triangles should resolve themselves inthe next 2 weeks and I expect all of them to break downward. All rally attempts thus far have failed at resistance lines or fork tines and I have very few forks still going up. The best the strong stocks can muster right now have been sideways channels. EDIT My signal onthe BKX is not a good trade IMO. The intradayaction is forming a descending triangle which could go down quickly. Also Serbia has just accepted our terms for a cease fire. Look for a short term rally on the news. Good Luck, Lee