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

To: epicure who wrote (17980)	5/5/1998 9:39:00 PM
From: Dwight E. Karlsen	Respond to of 94695

Hi X. Globex steadily worsening, though not bad yet, but direction for tomorrow is most certainly down. The only question is how much. I'm thinking a fair drop. Maybe not quite of the magnitude of last Monday, but it will be a good 'un. Here's a YHOO bull that couldn't take it anymore: "I sold everything" Message 4333000 "Reasons I sold everything" Message 4336790 Someone else adds more reasons Message 4336991 Note that these are not new concerns for the most part. It's just that when the market got temporarily oversold last Monday, people were content to again ignore anything they had been concerned about days prior to last Monday. Now we have a triple top on the SPX, a double top on the MSH, charts that are giving very clear bearish CS signals (shooting star candles, evening star formations, as in the OEX just for one: csta.org ) To answer your retorical question "Are we still ignoring Asia": Now that the celebration of dismal 1st Qtr earnings is pretty much done, showing the slowest quarterly growth since 1991, wall street analysts will have to begin to look seriously at 2nd qtr earnings estimates, and begin to look at Asia again. Everyone basically threw in the towel on Qtr 1 earnings. This runup in Feb-April has all been in anticipation of 2nd, 3rd, & perhaps 4th quarter earnings. "The worst is over" is the word. The absolute worst may or may not be over for Asia. Soo....with the Hang Seng dropping again, Korean mkt dropping again, Nikkei dropping again...doesn't exactly point to quick recoveries happening over there in Asia. Bottom line is, with the markets hovering at all-time highs, there is no room for signs that Asia may be stumbling through the 2nd quarter as bad as the 1st quarter, on the way to recovery. Note ------->......Standard SI disclaimer: BWDIK, JMHO. :-)