Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: RLM who wrote (8789)	10/31/1997 7:12:00 PM
From: Robert Morrison	Read Replies (1) of 94695

RLM. Market is waiting for direction. If there isn't any indication of strength then look over the next 6 weeks for a sell off of losing stocks to crystalise tax losses before Christmas. If this culminates in a flat Christmas run up then January will struggle on until 4Q earnings and forward estimates reflect the downgrading of economic growth brought on the Asia meltdown. Those companies seeking to buy back stock will use downward estimates to their advantage and analysts will be too chicken to challenge them as they need to protect their credibility (as sheep). In other words a decreasingly volatile and eventually orderly retreat over 1998 with some winners and losers. Time to be selective. Rob

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