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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: j g cordes who wrote (2602)	8/27/1998 8:22:00 AM
From: Tom Trader	Read Replies (1) of 44573

>>Funny, I "felt" the market did well today given circumstances around the world. << Hi Jim--been a while since we chatted I agree that as of the close yesterday, the major averages held up well. But as I am sure you noticed many of the averages have been in sharp declines and are by any definition in bear markets. Now isn't the conventional wisdom, that the it is the major averages like the DOW and the SPX that break down last. The one thing that does bother me about my short positions is that bearish sentiment is absolutely over-whelming at this point and the market is very oversold--none of which really matters if we are in a bear market--but if we are not, then this is the environment for a bottom to be established from whence we have one of those rip-roaring rallies to occur. My sense is that any rally will be limited--remember that we are coming into the earnings warning period and add to that the international woes, the Starr report--with or without the cigar-- which is supposed to be completed after Labor day or thereabouts--and methinks that we are in for a rocky September! And to think that all this started last year with Thailand undergoing a financial melt-down. Bet most Americans would not be able to identify where Thailand is located!! What say you?? Regards

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