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Strategies & Market Trends : Waiting for the big Kahuna
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To: bobby beara who wrote (1840)7/3/1997 1:24:00 AM
From: Tom Trader   of 94695
 
Hi Bob, regarding >>I'm on your team now TT.

That's just it Bob, I don't have a team--I am this guy who goes with the team that is doing best at any point in time:) Right now it's the Bulls--but when the Bears get the upper hand I'll switch teams. A guy with no loyalties -- that's me:)

Another thought for the Kahunaites---I have told you to wait until the market turns before you go for the kill. Now you all think that when the Big K strikes the market is going to plunge 1000+ points --so what do you really stand to lose if you are not in at the top but are short may be a third of the way after the plunge has begun. You still stand to profit from 750+ points of downside. And if it turns out not to be the BigK, you can actually look to go long if the pieces have come together after the correction.

>>what do you think of Bill's June 20th call as a change in character for the market.

I thought that Bill did a great job in calling for a short-term top in the market---not so great a job in feeling that the top was the start of the BigK. Now if he called the top the way he did, and then told everyone to go long for the ride up after what may well have been a 3% correction, he'd have been dazzling. But that is difficult for Bill or anyone else to do---and so I say to everyone just go with the trend, rather than calling tops and bottoms, use stops to get out if you are long -- and if you are not comfortable taking positions for any reason, just stay in cash.

Good night
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