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Strategies & Market Trends : Waiting for the big Kahuna
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To: SE who wrote (35047)12/8/1998 4:32:00 PM
From: Bull RidaH  Read Replies (2) of 94695
 
Scott,

I pulled the plug on the longs (CPQ @ 41 11/16 & C @ 49 5/8) for substantial profits (especially CPQ!!), and went short the SPY @ 119.375 at around 1pm today. I did go mega long-term short, but I saved a little powder for some s-t put trades when we enter the wave 3 down phase of the coming downtrend, and i'll be looking for a substantial reversal pattern to put in place a core short futures position. (Should have sold some naked Dec. calls on the Dow futures near the peak today...What was i thinking?)

As for the precise wave count, at today's lows, we may have only completed the 4th wave of the upmove that began from last Tuesday's lows. However, an alternate count says we've finished all 5 waves of the upmove. I strongly believe that whether we've finished the 5 wave count or not, shorts from 1192SPX will prove to be well placed and profitable in the near future, as that area continues to repel market thrusts higher.

If i trade any stocks from the long side from here, they will probably be small caps in hot sectors with chart patterns projecting higher. I would love to hear your thoughts or anyone else's on the thread of stocks or sectors that would probably be the first to turn down in a fresh downtrend.

Regards,

David
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