Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Arik T.G. who wrote (38506)	3/16/1999 12:24:00 PM
From: Bull RidaH	Read Replies (1) of 94695

Arik, Before this rally can be declared over, the market would need to break the 7 day upward pointing channel on the SPX. The lower rising channel line is currently at 1299.50, and will be at 1302 on the close today. Anyone getting too excited about bearish scenarios until the channel breaks is being foolhardy imo. The number of even greater significance to break on the downside is 1286.9 Spx, which was last Thursday's low. Thursday was the most recent due date for a cycle low, and if that number gives way, a good downside gusher should follow. Otherwise, a cycle high is due in tomorrow, so the trading strategy is to begin selling between here and there (which i've been doing), and use tomorrow's high on the NYSE cash for a buy stop going forward. The next cycle low is due in on Monday, so profits should be taken on shorts beginning Friday and on into monday (assuming a stop out hasn't occured). A nice s-t long opportunity should materialize from monday's lows into next wednesday. Regards, David

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