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Strategies & Market Trends : Waiting for the big Kahuna
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To: Roger A. Babb who wrote (2597)7/17/1997 4:08:00 PM
From: Stingray   of 94695
 
I don't believe that everyone will run for cover on the first dip. I do however believe that after we top out sometime this summer the first dip will be perceived as a buying opportunity, and that is when people will empty their savings accounts and take out a second mortgage to buy "bargains" such as KO at 60 or MSFT at 120. That is unfortunately when the real money will be lost because the market is so far overpriced that a 10% dip will not create any bargains. I'm expecting the real carnage to occur after a peak, a correction of 5-15%, and a rally which fails to regain the old high, and that could
take till the end of the year to play out. The first 6 months of next year could be the time when most of the damage is done. My sense from talking to bulls is that they will not hesitate to buy the dips, however if the smart money sees the writing on the wall the rally will not sustain and the cycle of higher prices leading to higher expectations will break and we will zigzag down a lot further.
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