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

To: Clint E. who wrote (17465)	8/4/1998 3:51:00 PM
From: j g cordes	Read Replies (1) \| Respond to of 69022

Sorry to have been absent, work took precedence... Ignore Ralph Acampora, he's realized his Dow 10400 mark for the year was looking ridiculous in light of the market dropping. He also didn't like being in the same camp as Garareli so he jumped ship. Since he changed his mind mid stream you can be sure he'll do it again when the market turns up. We're in a classic broadening top.. bigger swings up and down until the tether breaks in one direction. Simplistic support is the top and then the base of the previous horizontal channel which is at about 8200-60 then about 7400- 7600 area. Its an abuse of good TA to have a perfect trace on any prediction because the flip side of drawing lines is knowing that the market hates to be exactly predictable. 8450 looks good for a tradeable short term rebound, then a little more worry. Start watching for strength for a false rally mid August during options expiration week, then a test into late August. You'll know by watching oil stocks indicating a resumption of business or not. An aside, its odd to see both oils and airlines plummet together... This could be a very long piece, thank goodness its not, I'm collecting a few long plays for quickie rebounds. These are great buying ops... ignore the big bad Dow and the other indexes. Just picked up some CA and DD (spec). Looking for RMBS under 50... Might short SAP here for a lousy European open. Last is this.. wait until the margin calls and lower mutual fund returns start in.