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Strategies & Market Trends : Waiting for the big Kahuna
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To: William H Huebl who wrote (26947)9/9/1998 4:31:00 AM
From: Philipp  Read Replies (2) of 94695
 
Yesterday's rally was certainly very impressive, in particular the afternoon leg of it, but I think that we need a bit of a reality check here. People on this thread seem to be jumping to conclusions.

The question yesterday was not whether there would be a significant rally (200 Dow +), but whether it would be a rally with substance, i. e. any staying power (or are you all daytraders?). And the jury is still out on that one. Just as a reminder: we had a failed 1 1/2 day rally of 550 points just last week (7400 to 7950). Unfortunately, it may be a bit hard to tell from today's actions. If there is another positive day, the odds are certainly in favor of a substantial rally (first 2-day rally since the Clinton rally). But if it is a marginally negative day (by less than 100 points), that would perhaps not negate this rally, but might be considered a healthy breather (called profit-taking). I will certainly wait till this becomes clearer (I neither sold stocks into the rally nor did I buy more puts).

The Clinton factor may become relevant again sooner than expected. I heard this morning that it is being rumored that Congress will get Starr's report this Friday! How long will it take before Congress will leak the first details? We could get into some serious impeachment talk this week-end already.

Good trading to all,

Phl
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