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Non-Tech : Invest / LTD
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To: Alski who wrote (1912)8/19/1998 7:12:00 AM
From: Thean  Read Replies (2) of 14427
 
Thanks all for the Schedule D tax pointers. If one looks across all the overnight oversea markets, they are as strong as they can get. Asia markets are firing 3-8% gains across the board. I guess that is what a rebound can look like when they have been compressed so tight for so long. Anyway, S&P future is not soaring 10 points as in the past when this happens. In the past the "broadening" rally lasted but one day and that was all technical in nature. But would it be any different this time? We shall find out today. I do expect PC stocks to be strong today but all other previous weaklings be better not participate in this rally or the shorts will get terribly squeezed across the board and this cliff falloff scenario will have to wait longer.

bw - since now you are long the drillers, you may want to consider placing stops in case they stage a rally and then fade like they have done for the past 3 months. For long consideration, FLC and FGII have been compressed very much so they have a good chance for a deadcat, recoil rally. I would also include DO and ATW into the compressed camps as well. I wanted to go long FGII yesterday 13 3/4 but pulled the trigger after seeing no strength across the board. It went up to 14 1/4 but pulled back strongly towards the close and that is again bad news for the bull as this shows again that most of the trades are daytrades and the funds are not stepping in yet. The sign of fund stepping in is when we have 3 days of consecutive higher highs with strong upticks going into the close each day.
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