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Strategies & Market Trends : Tech Stock Options -- Ignore unavailable to you. Want to Upgrade?

To: Techie who wrote (43811)	5/26/1998 12:58:00 PM
From: j g cordes	Read Replies (1) \| Respond to of 58727

Hi Techie, long time.. I was just thinking that for the first time in a long while I've felt a genuine malaise with stocks. Its like showing up at that favorite resturant everyone's been crazy about and there's no line. Could be for a variety of reasons but most significantly the action is showing selling on any blips in good news and heavy selling on bad news. The only stocks that are doing well seem to be those without news and stocks involved in consolidations and takeovers! Fundamental and TA is worn out.. we have had a huge run since January which defied logic. We've been distributing into a broadeing top that's supported by low rates, cheap oil and serious problems in Asia. The semi sector is most beat up and technically sitting on supports hoping for ANY good news, but hard data isn't there yet.. except for a slight pick up in Japan PC sales (which is moot)... counterbalanced by horrible sales in Korea etc etc.. Bonds are picking up money from the unease and will really drop in mid-late August according to current work. I wasn't surprized to see consumer confidence down. Retail might be the next sector to waiver and drop. I've been bottom fishing but its been difficult to make money long. I'm not expecting any turn until just before July, though there should be support and little flurries of tradable stuff in between. But since this is stating the obvious, to the downside... 400 points lower seems reasonable... 9112- 400 back to old support of 8600 plus/minus area where interest rates balance further declines. Maybe I'll short BBY, HD, WMT, ANN on flagging consumer confidence. Jim