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Strategies & Market Trends : The Millennium Crash

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To: bobby beara who wrote (2954)	7/21/1998 4:52:00 PM
From: Arik T.G.	Read Replies (2) of 5676

Russell 2000 topped on 4/21, one day before the other indices, and never came within reach of that mark. That was when the market was supposed to make THE top (e-count and all), but didn't. Now the Russell looks like it's starting on another leg down. Did we see THE top yesterday? It very well might be. If tomorrow is not a strong up day (replaying 3/6/98) then the odds are increased in favor of that scenario. I've said it before- 1st trading day of September might be the 1st day of the crash (beginning wave 3 of 1 of 1 of 5 down). Favored sectors- drugs and internet- were hit hard today. If there's no big up move tomorrow, we're left with EK as the strong stock of the market... Look at LU. Looks like top to me. This is the favoured son. With market cap of $134B, passing IBM as 9th biggest on the SPX, inches behind INTC. AOL- Looks like top to me. With a market cap of $28B. Look at MSFT- trading at 25 or something times SALES! Not earnings. Did we see the top yesterday? I give 55-45 that we did. If it wasn't for the Humphry-Hawkins I would have said more. Tomorrow the odds could get better. ATG

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