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Strategies & Market Trends : Waiting for the big Kahuna
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To: GROUND ZERO™ who wrote (37132)2/5/1999 9:55:00 AM
From: bearshark  Read Replies (2) of 94695
 
Good Morning GZ:

I was almost suckered into this market on Wednesday afternoon. I was planning to go in during the last hour and was looking for a drop in the INDU from about +120 to +65 to do it. We dropped down to +85 or so and I almost went in with DJX calls (my preferred vehicles are DJX options). However, I sensed that the trading was wrong at about 3:35 PM and did not move. We ended up +93 when that situation should have sent us up +180 or so. Then on Thursday we tanked.

That is the type of market we are in. We may be having a sideways correction in the INDU with the crap stocks and high-flyers pounding the NDX and the INX. That would give us a nice opportunity on the upside. If we could have some type of correction and a cumulative A/D reading of -17,000 or so on the NYSE, we could get an October 1998 rally again within a month to six weeks. We appeared close to that this week--that is why I was almost suckered. What I would like is some nice panic selling down to an intraday low of 9100 or 9150 or so, then another close above 9200 on the same day. My earlier post fairly sums up my current feelings.

Message 7490423

Some other inconsistent market action needs to be cleared-up too. I suspect that we opened up this morning and will close up today. As for me, I will watch from my cave and jump in the water when it has fewer ripples.
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