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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Terry Whitman who wrote (17509)9/12/2000 9:09:45 AM
From: AllansAlias  Read Replies (3) of 436258
 
We'll get no big down this week unless old-econ starts to give back.

I want to be clear for those who lurk here. Excluding NASDAQ, many of the charts that measure the American market are at or close to all-time highs. Unless one is in the deadly game of picking tops, then this is no time to be widely short.

Here are just a few of the indices that are very strong. This is not meant to be an exhaustive list. I just pulled them off the top of my small watchlist of indices that I am following during the day. The percentage value is how far it is off its year high rounded to the nearest whole.

Securities Broker/Dealer   0%
Bank Index (RUMX)          0%
NYSE                       1%
Value Line Geom            1%
Utilities                  1%
S&P Midcaps	           1%
S&P 500                    4%
Dow Jones Industrial       5%


There are other good intermarket and non-technical reasons to think that there will be no wide giving soon.

HOWEVER, it is my firm belief that BK will start without any noticing and will strike with historic power.

HOWEVER, HOWEVER, in the mean time, the smart thing to do is protect longs and go to more cash when we are weak and be ready to buy the dip at points of support. This at least puts the odds in one's favour.
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