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Politics : Idea Of The Day
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To: J.T. who wrote (16297)1/15/1998 8:35:00 PM
From: J.T.  Read Replies (1) of 50167
 
Lee, First of all, I try to "create some balance" when I post on this predominantly bullish thread. I know this is not a very popular position to take, but I am not trying to win popularity contest. If everyone was bullish and posting nothing but "rosy picture" and "goldilocks economy and markets", what good or useful purpose is this if markets keep breaking supports and threshhold for pain turns to "denial" and "financial decay" if market keeps heading south. Kind of like "road to hell is paved with good intentions. I don't get my jollies posting "noise" but point out to "potential reality" if bulls turn out to be wrong even for two quarters. All possible scenarios must be looked at thoroughly, IMHO. Look at my post on short term upside for DOW (7850) not pierced and my test area of 7300 area (turns out to be 7445) and "short rally" to 7740 area. I do not pull these numbers "from patch of blue sky". I mention SOX 243 support and later "three strikes and your out" . SOX is stalling in here and failure to take out 272-275 area on a close let alone 280 is "worrisome for bulls". I still have upside potential of 295 SOX. I have also said I believe 243 does not hold within 2 weeks and we test 214-224 area before rebasing. We will see. SPX my high posted is 960 area and we hit 958 and 957 respectively. On international front, Nikkei has shown solid gains last few days and above 15000 support. I have already posted 5 year supports which must hold. HSI failure to stay above 9000 for two or more days in arow is also bothersome for bulls. In short, we are certainly not out of woods yet. Good trading. JT
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