Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Chip McVickar who wrote (42246)	7/22/1999 12:56:00 AM
From: Lee Lichterman III	Read Replies (2) of 94695

Well I am just plain befuddled. As the market closed, I was leaning to the bullish side as I watched large blocks going across on the buy side from mid morning to mid afternoon. The drop later in the day seemed to be on lower volume for the issues I was watching and if the prices got too low, it appeared teh Plung protection Team would step in and start buying up large blocks until the fall stopped. Then I open my candle charts and saw a market teetering on multiple important trend lines but most of the lines held and the prices bounced up. The trouble I had was distinguishing if the drops were fib retraces of teh climb or if the bounces were fib retraces of he drop. On many of the stocks I was looking at, it could have been called either way. I then turned to my P&F charts for the answer. I am not kidding, they are half in Xs and half in Os. If they are doing this on purpose to confuse us, they are doing a bang up job. Still after mulling it over, I too am leaning to the bullish side at least near term. TRIN has been at teh reversal point for two days now so unless we sell off hard and enter that correction range, we should move up by Friday. Also some of the stocks that bounced formed large white candles with good volume. The only thing that worries me is that if we do recover in a big way this week, we will form a hammer top pattern as can be seen on my BTK chart from yesterday's drop and today's strong bounce back up. With the intensity of yeaterday's drop, it would be hard for the market not to put in some sort of bearsish candle stick. The lack of recovery would amount to a bearish engulfing candle or outside reversal. LG I think I have the MDA site up and going again and all I need to do is rebuild my secondary look pages, touch up a couple of buttons and then put all the backgrounds back in. I will do the back grounds this weekend when I have more time. I am behind on my research tonight and am going to hit the sack and get up early to prepare for tomorrow. Good Luck, Lee

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