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

To: Dragon 1 who wrote (42535)	8/1/1999 1:15:00 AM
From: Sabrejet	Read Replies (1) \| Respond to of 94695

You guys are killing me! Now it's 9800!!! I would agree that is a rough support level but you would have to blow through the next support level of 10400 and without news, I don't think so! Short term rally next week. Sabre!

To: Dragon 1 who wrote (42535)	8/1/1999 8:20:00 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 94695

Dragon, otoh, put/call ratios have been very high the last few days. usually that's indicative of at least a bounce of sorts - except if a panic takes hold, in which case higher ratios are needed to indicate a panic bottom. but if we assume that we are still in a 'normal' market and not the beginning stages of a panic, a bounce would now be appropriate. note also that the dollar index sits exactly at it's 200-dma, which should induce a bounce as well. if the NAPM data are not particularly nasty, one could argue they are already priced in via the ChiPM. also, critical supports have held throughout the year so far. however, should they now fail, and the market continue down in spite of all the bounce indications, we may finally see a somewhat larger correction. a bounce now would merely postpone it imo. regards, hb