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Strategies & Market Trends : India Coffee House
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To: Mohan Marette who wrote (1955)7/23/1998 9:48:00 PM
From: JPR  Read Replies (2) of 12475
 
Mohan: I was told that DELL is eating GTW's lunch and that is the reason why GTW's performance is less than optimal.
Business week says that the market is going to open low and there may be a little rally.
Remember Jerry Favors' statement: Markets will decline end of the week plus or minus 2 days. Turned out he was right.

If DELL goes down further, I might sell others ( hate to part with MSFT, LU) and get more DELL. Or just suffer through the decline, hoping for better days next week.

Business week dated 07-24-98

Weakness into Thursday's close does not bode well for Friday's open. Without a headline of major bullish import, expect prices to plunge further at Friday's open. Just as markets do not move in a straight line on the way up, markets don't move in straight lines on the way down either, and we are due for some sort of an oversold rally on Friday. I will be watching Put/Call ratios, expecting some sort of a short-term capitulation. The bears have made money in this slide, and some of them are going to want to hear the cash register ring. The bears are going to be buying to cover open short positions, that could produce a rebound rally after the expected opening shot lower. But I don't expect any rallies from oversold conditions to last more than a
day or two because there has been real technical damage done in the past three days and any oversold rally is going to be viewed by many as simply an opportunity to exit at prices other than the most recent low.

Best of luck

JPR

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