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

To: Lee Lichterman III who wrote (15914)	6/4/1999 6:31:00 AM
From: Lee Lichterman III	Respond to of 99985

One last note before the numbers are reported. If the numbers are good, I would expect the obvious rally and J6P on top of that. This market wants to be up. There were 3 Billion of Fund inflows reported last night so the fund managers have some Ammo again. If the numbers are bad, note my Russell 2000 chart. A nice double top to a head and shoulder formation. I would expect a minimum selloff of 20 points there. Also on the over sold BKX Bank index. The action over the last week has formed a descending triangle. IF this were to drop as expected, ignoring the over sold readings I have on it, It would likely drop to the tine of the fork and if the banks drop, you know. There are a multitude of bearish formations out there and only over sold readings on the indicators to argue the long side. The CEX is H&S, there are still some unresolved bearish triangles in a few indexes and even more on many stocks like LU, EMC etc all getting near their apexes. The talking heads are already trying to discount this morning's released numbers but I think they are just trying to provide top cover for a J6P end of week bounce. If the numbers come out OK, look for a strong move up. If they are bad, watch the reaction but even if it is only mildly down, expect a harsher reaction Monday AM. Good Luck to all, Lee