Waiting for the big Kahuna Message Board

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Strategies & Market Trends : Waiting for the big Kahuna

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To: Yogizuna who wrote (40314)	5/29/1999 3:19:00 AM
From: Berney	Read Replies (1) of 94695

Yogi, As you, I decided last year that the only Index I would follow is OEX. It's tough to get excited about this market We are facing a parabolic trend line in a negative direction. All this rebound did was touch the trend line. The undisputable fact remains is that we are a long way above the weekly (50) moving average and breakouts do not generally occur from these lofty levels. Usually the market resolves the issue by entering a trading range, but the jury is still out on this issue. These are the really interesting times as the market has yet to show its hand. However, below OEX 643, I have to go blow the dust off my bear claws. Until then, I'll only trade (unless being stupid enters the equation) in the direction of your 60-min OEX. I cannot see the bull horns returning until I see us near the 50 week moving average, which I see as down another 10%. The OEX has a very defined trading channel and down is still a long way. That said, I'm just 16% cash, which I hope to fix in the coming week. BWDIW, as I still spend too much time talking to the charts instead of listening!!! Berney

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