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Strategies & Market Trends : Waiting for the big Kahuna

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To: J.T. who wrote (3364)	7/29/1997 8:47:00 PM
From: tekgk	of 94695

JT, This is the rest of the article that I stumbled upon. Like I said in my previous post I don't know this guy that well other than I know he has been around for at least 20 years. He can't be all that bad if he has managed to stay in the business for that long. Tom Trader had a good comment ... how often has this guy cried wolf? 18th July, HARRY SCHULTZ FLASH BULLETIN. "In our humble opinion the US stock market may have given a SERIOUS technical sell signal on 18th July. Serious means charts indicate the possibility of a 22% fall. That's not the end of the world, but it's not chicken feed either. All world markets will follow US market. ...that means a 44% fall in many stocks....The chart pattern isn't the only evidence for a sell off. Stochastic oscillators show loss of momentum. The Bullish concensus shows excessive bullishness. Short selling by NYSE specialists is dangerously high. Etc. It smells like a very stiff correction. SELL SHORT.. Maybe this is a false alarm. We hope so because most people can't AFFORD a big correction, let alone a bear market. But we would be derelict in our duty if we didn't at least mention this notable risk possibility. "

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