Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Oeconomicus who wrote (25220)	8/26/1998 5:37:00 PM
From: Rogue French Trader	Read Replies (1) of 94695

The H&S I'm looking at is MUCH more short term (like 3 days for the whole pattern). Top of head yesterday at 1104, shoulders at 1088. iqc.com I don't know if were trending sideways here, but if we are I'm betting another retest of S&P 1056 real soon. Hopefully, it will blow through it, but I may sell 1/2 my position around that area tomorrow. We've hit that too many times to bounce again, but I probably won't take any chances if it hesitates too long. I'm long term bearish as well, but am expecting a strong move up after we find a new bottom at least 15% from the high in July -- say 1010 or so. This should be a powerful rally (I hope to be in CALLS), that will fund all the PUTS I intend to buy for the BK. I don't know if a 15% "correction" is going to be the magic number, but I do think that there is a lot of cash waiting to get back into this market.

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