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Strategies & Market Trends : Waiting for the big Kahuna
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To: Joseph G. who wrote (2573)7/17/1997 12:18:00 AM
From: Tom Trader   of 94695
 
Hi Joe >>Blowoffs end on a dime

I agree that they do -- but I don't think that we are looking at a blow off -- so far at any rate. By the same token, when the market moves up with the momentum that it has, then short of a blow-off, it will not turn on a dime.

Technically, the market is in very good shape, the monetary environment is good, plenty of money flowing in still, and speculative excess is still not there to talk of--not the kind of environment that tops are made of. The only negative to date, is that the sentiment data is rather too complacent -- nothing that a good correction won't take care of. Oh yes--and valuations are ludicrous--but then they have been for quite a while.

But like I said before, I continue to liquidate into strength -- will liquidate another 10% tomorrow -- which will get me to 60% cash. But short of a blow-off, I'll look to re-enter the market when it corrects.

Let's see what happens
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