Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Haim R. Branisteanu who wrote (32327)	10/24/1998 5:54:00 PM
From: bearshark	Read Replies (3) of 94695

Hi Haim: The upcoming week may be interesting. Quite a few of the indices are close to points where they would break their downtrend. The SOX has broken through but others like the TRAN, OSX, RUT, etc. are just sitting there. If we have a correction to this current rally without reaching new lows, several indices could have nice reverse head and shoulder patterns That would allow us to gather some steam for another assault on the trend-breaking points. On the other hand, this may be a bear market rally which is ready to end and go to new lows. The initial bear market rally of 1973 - 1974 peaked out at 987 on the DJI on October 25, 1973. By December 5, 1973, it was at 788 for a 20 percent decline in about 6 weeks. There are some similarities and differences between then and now. We haven't had any terrible news for a while now. Maybe we are due. I think I will climb up on my fence after the weekend and just watch what happens. I am not sure which side of the fence I will climb down.

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