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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Clint E. who wrote (17454)	8/4/1998 2:18:00 PM
From: space cadet	Read Replies (2) \| Respond to of 68945

Clint, glad to see we agree on the market. I agree with Acampora, correction will be at least 15%. Could be as much as 30% before the bodies are cleared. We seem to be losing 100 points a day, but not every day. Actually I think this is much worse than if the bottom just fell out and we had a 700 point down day. Then the air would be cleared and buyers would return. This slow death may be what it was like in the bear market of 73-74. These slow falls last a lot longer and probably are more painful than the crashes a la '87. I'm half expecting a decent recovery the next 2 days because aol and csco numbers should be pretty decent. After that back to this decline. unph looks like a pretty good call for a decent decline. Someone apparently made a quick huge fortune on puts on it. I should have gotten in then. Unfortunately I missed it and now it may have temporary support at its 200 dma. Also looking at vrts for a short. Unfortunately it's in a great fast growing field but I think it is due to correct a little here if the market continues south. I think it will take a big event to turn this market back around. And to tell the truth, I don't know what will bring buyers back to the small cap hi-techs. They've been in a bear market for over a year now. They may be history and nothing may bring them back. At least it's hard to see what will do the trick. I guess if they get absurdly cheap bargain hunters will enter but that may mean they fall another 50%. Pretty bleak out there. I'm glad I cashed in my chips. Once we do see a bottom I think we go up pretty damn fast, at least the msft, dells, csco's, etc.