Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Philipp who wrote (26727)	9/7/1998 1:19:00 PM
From: BubbaFred	Read Replies (1) of 94695

Phil - I agree with what you said and that's what scares me on the present health of the market. IMO, there was no blowoff volume on the selloff last week. It was big volume on Tuesday upmove, but there was no follow through on Wednesday, nor in the subsequent days. There was hardly any rebound from the extremely oversold condition. I was expecting a flat Friday, but instead it was negative. It was under pressure all day and it was accelerating when it made a rebound in the last half hour on unimpressive volume. Perhaps it went up in last half hour in anticipation of Greenspan's speech. Many stocks continued to go down instead of rebounding. Therefore, any rebound is meaningless. Unless S&P breaks out above 1060 - 1100 range, the market will remain under downward pressure. Tomorrow, Tuesday, should be a big day, right off the box. If there is no follow through, then it will be very negative.

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