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Strategies & Market Trends : Waiting for the big Kahuna
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To: William H Huebl who wrote (19008)5/24/1998 9:59:00 AM
From: donald sew  Read Replies (1) of 94695
 
Bill,

>>>> This is an extremely interesting market right now... we are still under a buy signal according to some of my indicators but the fact that there is no clear direction from MOST of my indicators makes me very wary. <<<<<

From my post on TSO, I also mentioned that I am right now getting BUY signals specifically in the HiTECH sector.

>>>Per my short-term technicals here are the positions of some of the indexes to show the divergence:

DOW - MIDRANGE
DRG - MIDRANGE
OEX - UPPER MIDRANGE
SPX - UPPER MIDRANGE
BKX - CLASS 1 SELL
HFX - CLASS 2 SELL

CLASS 1 BUYS
-------------
SOX
XCI
OSX
XOI
INTC
AMAT
NAZ (BORDERLINE)
NDX (BORDERLINE)
MSH (MORDERLINE)
DELL (BORDERLINE)

As a rule of thumb I do not play any CLASS BUYS unless the overall market is/near oversold, and vice versa for CLASS SELLS.

With the HiTECHs being a CLASS BUY I would suspect that early next weak, as early as TUE, that they may pop to the upside, even if it is only intraday. When considering the technical underpinnings of the NAZ, just do not feel that any pop-up will have much follow thru and that the more appropriate strategy would be to sell the rally.

Concerning the triangles I believe that we are now at the APEX of very close to it. Normally it is only a matter of days before the DUMP or SURGE, and normally it is not small whatever direction it is. <<<<<<

Bill, I agree - this market is very hard to read in either direction whether one is bullish or bearish.

Seeya


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