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

To: yard_man who wrote (14062)	2/12/1998 10:01:00 PM
From: James F. Hopkins	Respond to of 94695

HI Barry; I'm sort'v of hoping for a pull back tomorrow, but not counting on it. I see clx as to pricy alright, but she is still a market preform, and untill the market starts a down trend she's not a good short at all. Market is not showing any signs of down trending..the dips are just program trading very fast shorting/ covering/ then buying. Market is trending up..and has been since Jan12th. If a correction comes I don't see it as a big one, unless in short order the S&P some how breaks her up trend line, if not she could get a lot more overbought before she corrects. If you can hold the short long enough you will get out maybe even or a tad ahead, but meanwhile your account or margin is tied up..and you miss being able to get on the long side of something. I'd close the short tomorrow if it were me. In fact I would have closed her some time back. Uptrending markets are no time to short except to lock in profits, and write puts. Jim