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Strategies & Market Trends : Waiting for the big Kahuna
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To: William H Huebl who wrote (32113)10/21/1998 8:23:00 AM
From: donald sew  Read Replies (1) of 94695
 
Bill,

>>>>>>>> My indicators now look like where they were going into the first full week of May 1997. And that means BUY with both hands! <<<<<

While comparing patterns on weekly charts of major declines over the last few years, my indicators are showing something similar to what your are saying for MAY 1997. It is giving the impression of a breakout mode. However the major and obvious differences is that in MAY 1997 the market was at its highs, after rebounding from the correction in MAR/APR 97, right now we are still about 10% below the highs. Not sure if that should be discounted.

Im sticking to my position of a trading range until it breaks 8800 to the upside, so I will still play both sides. Yesterday, before the market came off substantially off it highs, I was having doubts in going short, but with that strong pullback, feel comfortable that there will still be playable pullbacks - not looking for anything large. I realise that we could be up today, but look at this action as a possible mini-top to retest yesterdays highs. Now if we break thru yesterdays highs immediately then I may have doubts again going with a small short position. On the other hand, I will also be in on the long side.

seeya
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