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

To: ratan lal who wrote (16701)	4/16/1998 9:20:00 PM
From: RWS	Respond to of 94695

I believe I was talking about a wave 2 bounce between 1111 and 1115 which means a top that, at a minimum, is lower than the B wave top at 1119. There must be a top that looks like this ^ . You can decide how many ticks down makes the top, or what the reversal level is. Just remember that a second wave bounce can go back to the beginning of the first wave down, in this case 1119. If 1119 is breached then, there is no C wave down but the choppy run up to 1125 or 1131 to end the impulse wave that was discussed in earlier post. Good luck with your trading. RWS

To: ratan lal who wrote (16701)	4/17/1998 9:51:00 AM
From: Marq Spencer	Read Replies (1) \| Respond to of 94695

Ratan, >RWS did not say anything about SPX getting below 1109 to get in. I got the impression that once it crossed 1115 its time to get the puts.> The first part of my statement was agreeing with RWS (SPX bounce to 1115). The second part was my opinion - I'm more conservative, and I believe that waiting until the SPX falls below 1109 before buying puts is less risky. I wasn't trying to imply that RWS said that as well - sorry if I misled you.

To: ratan lal who wrote (16701)	4/17/1998 11:00:00 PM
From: Marq Spencer	Read Replies (1) \| Respond to of 94695

Ratan >>RWS did not say anything about SPX getting below 1109 to get in. I got the impression that once it crossed 1115 its time to get the puts.<< I did not buy any SPX puts today since I was waiting for a pullback after the SPX got to 1114-1115. Of course, it never looked back. I never try to guess the tops. I'm more comfortable waiting for the pullback (here I was looking for one below 1109). It limit, to some degree my gains. It also limits, to some degree, the risk. - Brian.