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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: Jerry Olson who wrote (9106)	11/30/1998 8:43:00 AM
From: SE	Read Replies (1) of 44573

OJ, You want me to show you where you are wrong? :) Heck, where do I begin....<<gg>> Actually, I believe the market is way overvalued. However, my belief does not mean squat! As long as there is someone else out there that seeks appreciation and thinks they have missed the run-up and is willing to buy now, stocks will go higher. We have several forks that converge in the price range we are currently in. This may account for the difficutly we have seen in this area, although shortened sessions and a holiday week may also be to blame. I keep alternating between thinking that we could pick a spot up here anywhere in the 80's or 90's and sell one and come back in four or six weeks and have made decent money to thinking that we are going higher. Right now I am leaning more towards going higher, so today will probably be the break to the downside. The simple fact that we have rallied from the lows in six weeks to recapture the highs indicates danger to me, but that and a quarter will still leave you stranded on the street corner. So the long and short of it is, I am exercising caution till I think I have a better idea of where we go and will play either side as short term trades. Intersting to note Temple changed his E-Wave count over the weekend. I have printouts of his ewave from 10-27 that indicate we were in a fifth wave move and the preferred count was about to correct hard down. Now he has us in a thired wave count and the preferreed is a slow meandering count down. I don't know why the change, but it is a substantial one. -Scott

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