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Strategies & Market Trends : The Art of Investing
PICK 44.90+0.7%Nov 21 4:00 PM EST
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To: jttmab who wrote (789)9/25/1999 10:28:00 AM
From: Lee Lichterman III  Read Replies (2) of 10607
 
>>; I am expecting a 14% or 21% correction off the market tops....<<

Good Post but Iam not sure we will get that much here. I hope so since if you have looked at an advance decline chart recently we aer more decoupled than at anytime in history except possibly '29. Even during this pullback so far, the put buying has been light in relation to the buyers of calls.

I have to admit, I find myself eyeballing calls and just finished making up my wish list. I think we will have a sucker bounce next week that might be able to be scalped but then we will resume the down trend. My weekly charts look like crud and 2 weeks ago I said we were there for the drop. I knew it had to be within 4 weeks but couldn't really nail it down so I went all cash and waited. The highest flyers are still not even hurt yet as the NDX is barely off it's highs. We need a few more weeks at least of correction but the FOMC meeting is the wild card in this whole ball of wax and could generate a blow off rally if they don't raise. That would be even scarier IMO since if this were to occur, I would almost have to think that they would do a "surprise" raising that could pop the bubble just like the "surprise" double cut halted the fall last October.

Have to do some more DD.

Good Luck,

Lee
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