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Non-Tech : Invest / LTD
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To: 007 who wrote (5164)11/7/1998 12:02:00 AM
From: waverider  Read Replies (1) of 14427
 
Regarding timing. Good points all.

Regarding making money. Don't fight the trend. LT, as much as it seemed impossible a month ago, I believe you will be losing a tremendous portion of your profits before '98 is over.

I went long several stocks today (QCOM in particular) and sold all my puts except for Peco Energy. I will dump that the second I see interest rates heading down again.

A slight pullback and consolidation is due. My guess is that it will happen the 17th as the market will NOT be happy with anything the FED does. I still don't think they will cut, but regardless the market's rally will take a pause then and correct...getting prepared for a major end of the year rally AND a continuation of it well into 1999.

One thing I learned in the oil service sector, obvious fundamentals don't mean a damn thing. Follow the market. Yes there are scary signs out there, but the market doesn't care about them. It has reversed it's down trend and is heading up again. It will take a MAJOR disaster to pull this bull down. As much as it hurts to say, the double bottom we saw in August/October was one of the few buying opportunities of a lifetime. Many of us missed it here because we were so damn sure we were in for much worse. Not the case.

I also believe gold will participate in this rally big time and will be good for the rest of the year. That's where I plan to make my money in the near term. I would think January calls would be the best bet here.

Trading may pay off here if you are nimble, but I think allowing the upward trend to be your friend will pay off better.

Bears beware. It appears as if you are about to be de-clawed.

Good luck to all.

<H>
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