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Strategies & Market Trends : Waiting for the big Kahuna
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To: James F. Hopkins who wrote (17556)4/28/1998 11:10:00 PM
From: P.Prazeres  Read Replies (1) of 94695
 
Today was the second day of new lows over 40 on the NYSE.

The 50 day MA on the dow is at 8785.87. The 200 day MA is at 8118.75.
Obviously neither of these have been violated during this correction.
However, the 20 day MA provided resistance yesterday and today...probably
coincidenctal...well, probably not. It was providing support during the
move up from late January. And the 15 day MA has turned downward. It had
been steadily rising since late January and peaked for the time being last
Friday. The dow hit a high of 9213 last week (just 13 points above my year
end target...pretty lucky , eh)

The short term good news is that today we didn't trade below the low set
yesterday....but that's about all the good news I can find on the Dow.
Again, look for support at the 50 day MA. Right now 8785.87. If the Dow
closes below that, it may take a stab at the 200 day MA. If that were to
occur, it would give a little room for interest rates to be higher. If
rates stay about where they are and the correction to the 200 day MA occurs,
it would probably signal a heck of a buy signal...but this is still
premature thinking...too many ifs for now.

Another interesting development today. The small caps rallied over 1%
today....an interesting divergence. Is a repeat of the small cap rally
about to occur???

Just some thoughts for tonight.
Paulo

PS. The oil services (OSX) was up pretty nicely today also. These are great values in a market of over priced stuff. UTI, ESV, RIG, MAVK, KEG are jsut a few. UTI reports later this week.
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