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Strategies & Market Trends : Waiting for the big Kahuna
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To: GROUND ZERO™ who wrote (43273)8/30/1999 4:55:00 PM
From: Gary105  Read Replies (1) of 94695
 
Market still very overvalued. Virtually zero insider buying of nifty fifty - some insider buying of smaller caps but even that is drying up. No wall of worry to climb as most analysts still recommend buying the dips. Chart reminiscent of '87 - drop in summer then August bounce while A/D line looks terrible, then drop below 200 d MA, then crash. Consumers keep spending and Asia pickup is only beginning. Media focuses on next fed move - the purpose of these moves is to slow market and to slow US economy - until we see evidence of this, the possibility of several rate hikes is possible - ie we may see inverted yield curve - but to get there will require several additional fed moves. I expect that the market which has been flaunting the fed is in early stages of capitulation.
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