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

To: bearshark who wrote (22422)	7/27/1998 10:51:00 AM
From: James F. Hopkins	Read Replies (4) \| Respond to of 94695

Bearshark; Use caution, so far I still see a bear trap being set. CNBC has had a parade of bears this morning, and imo they were just talking their already staked out position. The OEX options are the most widely ones traded and the puts are selling for big premiums. Very short term the interday low on Friday is what things are hanging on. And imo most of what was sold Friday was being sold short, same today. So if these shorts don't take her down below Fridays low they could have a serious problem. After we took out 1140, I saw 1120 as the support but so far today 1130 is looking like a double bottom. As negative as the globex was this morning she should be sliding down faster, starting to look like the down side has lost it's momentum. 1120 would not surprise me, but neither would this 1130 as a double bottom. I dove in Friday & I'm staying long. Seems shorts are talking their positions but don't have the power to push her under water yet. Jim