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

To: William H Huebl who wrote (21161)	7/1/1998 8:50:00 PM
From: bobby beara	Read Replies (2) \| Respond to of 94695

Bill, Dow 9200 tomorrow is a BIG possibility. We finished on the High on the SPX, we will probably open up 50 or more point tomorrow morning. LIKE BA, AA, because they have been severly beaten because of ASIA, and BA did a vertical leap today on BIG volume, it's gonna rock. Failed H&S patterns ROCK upwards. Get out of those pooots and buy OOM CALLS on BA JULY!!!!!!!!!!!!! for the CRASH UP!!!!! bUt WhAt dO i kNoW bobby bee

To: William H Huebl who wrote (21161)	7/1/1998 9:20:00 PM
From: j g cordes	Read Replies (2) \| Respond to of 94695

Bill, on my car radio today I heard a discussion of the summer rally theory. It's not as solid a tradition as most think. Consumer and professional participation in this market is at historical highs. All arguments in favor of going higher are generous in rationalization like "profits ought to turn in 1999" or "where else can capital go" or "money keeps pouring in" and "valuations don't matter now." The analysts are having a field day with semantic mischief. Stocks revenues are dropped by half, earnings expectations are cut in half and the stock becomes a market outperform_ even though its price is at all time highs. When a stock drops from 40 to 18 analysts proclaim it a sell! When it hits new highs on beating drastically lowered expectations its raised to a buy... and we buy. Everyone is confident they'll be quick enough to get out. Everyone is confident the other guy won't sell first. Jim