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Strategies & Market Trends : Waiting for the big Kahuna
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To: Gersh Avery who wrote (33388)11/10/1998 7:15:00 AM
From: donald sew  Read Replies (2) of 94695
 
Gersh,

I feel that there is strong support in the 8700-8800 range for this specific short-term downswing. As mentioned in my earlier update, the 5 major overseas markets were all in the overbought region and some selling should start, which would impact the U.S. markets.

I feel that any strong downswing will not take a "V" shape, but will take the form of either a double top or a small rounding top with relative flatness, which could occur here or at higher levels.

I feel that the hopes of a rate cut on NOV 17 will minimize any downswing until after the meeting(depending on the outcome).

Seeya
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