Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: jef saunders who wrote (16442)	4/15/1998 8:37:00 AM
From: RWS	Read Replies (1) of 94695

"so that would put the down move starting at the beginning..." Jef Yes, sometimes next week seems likely for next impulse wave down. Overall we are in a correction. CFTC reports traders are net short. There is distribution not accumulation in the market. I think there will be enough rally to clean out the put buyers before the correction resumes. Shouldn't take long. I wouldn't place any hopes on an extension of this corrective wave up in the present context. Good earnings should already be discounted in the market. You could see some selling on good earnings news by profit takers and on expectations of more weakness in profits down the road. I'm not saying we're seeing an extended up wave but a corrective wave of higher degree than David counted. But, his read may be correct, and though I doubt it, the next impulse wave down could start today. I'm definitely not buying calls here. In either case, a break of 1110 SPX would be wave 1 down of some degree and imply a short corrective wave 2 retrace ( a good spot to buy puts), and waves 3 and 5 down. Thanks for your interest. RWS

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