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

To: William H Huebl who wrote (13613)	1/29/1998 12:29:00 AM
From: James F. Hopkins	Read Replies (2) \| Respond to of 94695

Bill; Just looked at MEGA/TAIL for the day, MEGA10 up .06% the TAIL20 up 1.85% , that's why I think she is running outa steam. GE flat..xon off t off pg off jnj off, only thing really holding the head up is MRK. It's not negitive yet, but if the MEGA10 start sliding down, while just the tail holds her up, well that's what happened prior to OCT27. It's not there yet and could take more time, if it happens at all..but it's shaping up to go in that mood. Big tech gave the S&P it's big push today, and may continue to do so. But if the MEGA10 goes in a down slide, and the tail20 just sort of hang the index up..then the DOW bug drops, and fast, with so many eyes glued to the DOW..when she makes a big drop every one gets panic, they start selling in fear, it's odd how this 30 stocks has so much influence on how people see the market, that it drags the others with it, She not negitive, I don't know why I might have thought she was, and jumped on shorting spy when I saw the tick go down for a bit, but I jumped to soon. But .06% gain by the big boys, and 1.85% by the small ones causing the dow to go up, is not a strong positive vote, it's positive ok, just weaker now each day. But I should have seen that and not have gone short this early that was stupid. Hell GE or xon could take back off in heart beat. Jim