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Strategies & Market Trends : Waiting for the big Kahuna
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To: pater tenebrarum who wrote (48006)7/7/2000 1:40:30 AM
From: Lee Lichterman III  Read Replies (1) of 94695
 
I totally concur with that read. I think the little guys are still afraid of missing out on the next rally and are bying like crazy while the institutions are selling them all they can.
I also took today's end of day rally as short covering ahead of the report tomorrow. If we can figure out they always rally on the report, then the big wigs can too. <ggg> I figure they boxed in today and will probably resume the distribution next week.

I can't believe I didn't see anyone on SI point out that today's Factory orders report was the highest jump in 7 years and that the unemployment numbers were waaaaay below expectations. What slowing down of the economy???

I have been extremely busy so I am just now starting to do my charts so no real read on the action yet. I do think that the first breakout of this range will prove to be a false one though. There have to be TONS of stop buy and sell orders waiting outside these triangle lines ready for the plucking. <ggg>

What confuses me more than the TRIN and TICK disparity is the 5 or 10 day TRIN readings and the VIX/RYDEX/Mutual fund readings. TRIN says we need to bounce upwards but EVERYONE is buying calls or has their 401Ks in high growth long funds. WHat scares me is Carpino/Favors/Hays/Rosen and everyone else is leaning long too.

Good Luck,

Lee
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