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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude -- Ignore unavailable to you. Want to Upgrade?

To: ivan solotaroff who wrote (15871)	4/30/1998 9:21:00 PM
From: Ocote	Respond to of 79387

Ivan-- Good point on the dividend pay. I'll have to check on the dividend pay date for the one I'm short CACB. I'm not too worried about a short squeeze in these banks. They started to run up during the "flight to safety" in December- January. Now everyone who wanted to get in is in. Any bad news sends only sellers. Good news means everyone stays on the fence or tries to pick their exit point to sneak out the back door. The low volume is their worry, not mine, as I can always get a fill for a buy. Also, am short SEVL on the second spike, guessed fairly close to the top of the spike, 8 3/16. Now with the second spike firmly placed, a downtrendline is created which is my stoploss. Plan to add to position on any lower spike approaching the downtrend on less volume than the prior spikes. Today closed at 6 15/16. Regarding a market rebound, it looks very similar technically to 8/20/97 to me. If tomorrow is lukewarm or mixed, it looks to me like that continues to confirm a downtrend in the ROC 13 and RSI 13 in the S & P 500. If it blasts upward 2%, then the rebound is confirmed. Ocote