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

To: clochard who wrote (42991)	8/12/1999 10:36:00 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 94695

Steve, i agree that the PPI will be important...however, it may be baked just right, excluding energy. so i would not yet bet on the bull's back being broken by it, although friday the 13th would be a fitting date. currently i tend to think that the zig-zag proposed by Don is what the market will most likely be subjected to heading into expiration, perhaps even with a slight upward bias. this is assuming that the bond market can hold around current levels or perhaps even improve a bit, the dollar stays reasonably steady and no exogenous event upsets the picture. let me add though that both the utilities and the transports are sending very ominous signals. put/call ratios were a bit high again today, so if we dip tomorrow, we could conceivably rebound again quickly - except in the case of a sudden panic - the ratios don't mean much when one occurs. it may be that today's weakness in the semis and the PC makers will continue into tomorrows session, we'll see. failed rallies seem to have become the norm rather than the exception...but the bond is very oversold and the slightest uptick in bonds will produce a more durable rally. hb