Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Death Sphincter who wrote (39454)	4/13/1999 2:41:00 AM
From: Death Sphincter	Read Replies (1) of 94695

from the what it is worth department. last night was interesting, it shows how much influence CPQ,DELL,INTC etc. have on the NAZ....BUT the CPQ warning was company and sector specific and not marketwide. Therefore it set up an excellent opportunity for those gutzy enough to recognize the 'overkill' and play the long side in certain issues on the morning open, well done to those that did. But it does underline the stink that is surfacing through the cracks. This sector has obviously been a major force for the bull market and it does not bode well, for now. Since early March I have been tracking a move that I believed would terminate in the S&P 1350s-1360s....it is now there. For this assessment to be valid it must now stop now or between 1363 to 1368 Max... NYSE 633-638 Max....we are essentially at these numbers. So it is at this point that i must put my money where my mouth is, which i began to do at the close. This is not to say that the market is going to crash from this point, but that there should at least be a very sharp and tradeable retreat from here. The Feb lows and lower are not out of the question for me. The obvious support levels will be tested on the way down. But it would seem logical that with earnings about to hit full swing, any corrective wave would meet great resistance.....but then where is the logic in a mature company with limited growth potential like SCH trading at a PE of 140 when they have already preannounced what to expect? Should the above numbers be penetrated? well then i have the big KICK ME sign on my butt......and feel free to kick away, just aim for the right cheek as that is where i keep my wallet, but don't kick too hard as i will probably bail if those numbers are exceeded and the padding in my wallet will be thinner. Bad Smells

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