Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: donald sew who wrote (23182)	8/5/1998 12:46:00 AM
From: Bull RidaH	Read Replies (4) of 94695

Don, I'm with you all the way now on rallys being minimal and brief for the upcoming forseeable future. I know I said Wednesday afternoon might be a time to look for a sizeable rally, but a reevaluation of the longer term charts says "no", it won't happen... At least not like I was expecting earlier. I've recently come to the same conclusion that Bobby has. I now believe we have indeed finished the cycle 5th wave from the October '97 lows. This of course means that the decline we have begun 12 trading days ago will be even more devastating in the short term than my prior stated reads have allowed for. My current market outlook is that we're in a 3rd wave down of this 1st wave down of A, and we will see no relief rallys of any significance until we complete this 1st wave down of A. This could be another week to 10 days minimum, and could easily take the major indices down another 6 to 8 %. This is not a garden variety correction...It is a killer with staying power, the likes of which have not been seen since '66 or '29. I hope everyone reviews their portfolio at this time and addresses the need for hedging/risk reduction at this time. Regards, David

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