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Strategies & Market Trends : Waiting for the big Kahuna
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To: William H Huebl who wrote (23704)8/8/1998 8:16:00 PM
From: Monty Lenard  Read Replies (1) of 94695
 
Bill, one other thing I have been considering that is in line with what you said about the bounce and then down from there.

I know we are looking at indices, but how many times have you seen a stock that is falling hard hit the 200 Day MA and bounce only to go under it within the next few sessions. That MA is such a strong support point, I just wonder if the same thing is not going to happen next week to the DOW & SPX.

The SPX went below the lower BB Wednesday which should have given the bounce Thurs and Fri to get it out of the oversold condition. This is what happened and Fri the Daily Bar looks terrible (Shooting Star) which would also indicate a reversal back down. The only thing that bothers me about the bar Fri is this. I am wondering if Jim is not correct when he stated that the pullback was caused by the bombing of the US Embassy in South Africa. If that is the case, then that picture it painted Fri is a FALSE signal I am seeing and not market sentiment.

One last observation. Every time they have hyped the oils in the last 6 or 8 months they would go up a day or two then go straight down. Now they are hyping the oils and the SMALL CAPS. Makes me want to do just the reverse.

Remember when Schwartzkoff used CNN for propaganda during the Gulf War(even admitted to the press that they had been used). Wonder if these guys aren't now using CNBC the same way. (Jeez, I am starting to sound like Jim) :-))

Monty
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