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Strategies & Market Trends : Waiting for the big Kahuna
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To: James F. Hopkins who wrote (25784)8/31/1998 12:39:00 PM
From: Philipp  Read Replies (1) of 94695
 
Jim:

I scalped a 1/2 and ran

Good move. These failed rallies can be painful. But note that, as people make these painful experiences, they stop jumping in. This will accelerate the downward trend (look at the 29 chart!). Not good. Still no real panic today, more of a buyers' strike. The lower 980s SPX provide the next (and in my view last) important support level.

Good trading, I am just watching now.

Phil
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