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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Giordano Bruno who wrote (41858)	7/17/1999 11:41:00 PM
From: Srinivasan Balasubramanian	Respond to of 94695

Elliot's prediction Elliot and his wave theory predicted a unprecedented bull market much before its onset and in the final throngs, it says the bull market will reach maniacal proportions and will be followed by a ugly bear market. Ok, so much for prediction of glory and gloom. Elliot may not have seen the coming of the Internet revolution and may be this is significant enough to carry it much further. But the recent weakness in the Internet sector leaders that symbolizes and embodies this new revolution, make you wonder if the market has gone far ahead of itself. The strength in internet stocks sometime back when it was common for a AMZN, YHOO or a CMGI to run 25 to even 50 pts a day may be the mania Elliot was alluding to. also the drop in volume as the market scaled new highs of late and the recent weakness in the internet sector leaders that unquestionably led the previous run make me feel uneasy as I am overwhelmingly weighted on the long side. I plan to be 40% cash, 30% long and 30% short somewhere in mid August and wait for the market to play it out. Srini