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Strategies & Market Trends : Waiting for the big Kahuna
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To: Philipp who wrote (24354)8/15/1998 11:21:00 PM
From: Investor-ex!  Read Replies (2) of 94695
 
Philipp,

I would find it quite unusual to have a significant correction/crash without a decent counter-rally; sort of just slowly rolling over and then falling off the cliff. I don't remember any correction like that historically or in recent years in currencies or stock markets.

Actually, we DID have the counter-rally from the initial sell-off from highs in the Russell and Wilshire indices. The large cap indices tried to do the same thing from April's highs, but shot off into lala-land instead. Whether this was due to fraidy-cat foreign inflows or the concerted actions of New-Era Pin-heads, I cannot say, but the charts have more or less already made the requisite initial rally that "normally" precedes a major contraction of P/Es.
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