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

To: Bull RidaH who wrote (17994)	5/6/1998 1:49:00 AM
From: Death Sphincter	Respond to of 94695

David.....my short term expectations are identical to yours with a low on S&P cash of 1104-1108 on Thursday, followed by a strong move up... funny you should mention a zigzag on S&P futures...extended flat on DOW for 4/6 to 4/27 period........that is exactly what I believed happened in Aug-Oct 1997, except DOW was the zigzag.... carl

To: Bull RidaH who wrote (17994)	5/6/1998 1:58:00 AM
From: James F. Hopkins	Read Replies (1) \| Respond to of 94695

David; Looks Bad, but My Yahoo is messing up some..but my Mega / Tail on the Dow is sick..the thiner traded smaller caps is what is supporting the DOW since the 17th..the Mega top ten are DOWN and the divergence is not looking good for a rally.. -------------------- Worse yet the SUPER CAPS did not punch up through the down trend line started at April5th..they got back to it but not through it and fell back today.. this thing looks down to me..if these supper caps start selling off tommorow the bottom could fall out.. generally they give some warning..and they have been trying to warn us since the 5th of last month..this is what they did August and Sept before the Oct sell off..they trended down kinda sneaky like almost two months before the damm broke.. they ain't being near as sneaky this time. -------------------------- EVEN with the last rally the supper caps are down 3.5% since April 5th..THEY were down 6% on the 28th..if they hit that again before getting back up it will trigger a bigger sell off we are only 2.5% from a fairly strong correction ...if the tide goes out on these super caps ..the other micky mouse indexes will follow with a vengence.. The SPX OXE & DOW are like the tail wagging the dog when it comes to the over all market..I don't got my list handy and there are only 15 stocks in it BUT with over 2 trillion in market cap..they are widely held very liquid and trade a lot of shares..and better indicate the direction the money is flowing... they don't have near the magnitude of ups and downs like the other indexes..sort of like putting in a moving average..they have not made any triple top..or even a double..they are just sinking with two highs since the 5th both lower than the preceeding ones, this last one came up to a trend line..( but not back to the 20th, which was about 1% lower than the 5th..and we are 2.5% below the 20th high..for 3.5% down from the 5th..( in short it's been a down month for the super caps,,)and the midcaps won't hold this market up if them babies fall much more.. Jim