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Strategies & Market Trends : Waiting for the big Kahuna

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To: William H Huebl who wrote (18633)	5/18/1998 7:07:00 AM
From: donald sew	Read Replies (2) of 94695

Bill, There has been discussion on the number 55, and have heard the discussion of the top to come and then 55 days later to arrive sometime in JULY. Here is something that should not be discounted totally and that the top occured on APRIL 6 when the SPX first got to the 1130 range. If we do continue down over the next few days then the SPX would have formed a QUADRUPLE TOP with the peaks at: APR 6 @ 1132 APR 22 @ 1133 MAY 4 @ 1130 MAY 14 @ 1124 The DOW during this period has made new highs but then again the DOW is only 30 stocks and I have always considered it more of a psychological index, while the SPX is 500 stocks. So if one used the APRIL 6 date as the top then the 55th day would occur at the end of MAY/early JUNE, which then could be the beginning of greater downside, rather than JULY I am not saying that my position is conclusive, but at the same time it should also not be discounted totally. Right now the foreignarkets are not doing too well and the futures are down slightly. I feel that today will be another down day and could be a substantial down day on a intraday basis if not at the close. Still holding with my targets of 8950-9000 before a bounce up. Seeya

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