To: Clint E. who wrote (17475 ) 8/5/1998 2:09:00 AM From: space cadet Read Replies (1) | Respond to
Clint, sorry for the delay in responding. I took the afternoon off and missed the late debacle. Instead I went for a long swim in Walden Pond, my favorite place in Boston. The weather here has been amazing. I doubt I could have leisurely swam if I were still in the market, long or short. However all the money changing hands brings out the greed in me and I don't know how long I can stay away. I agree RA seems to be a little slow in making his calls these days. However, he was a bull throughout all the various ups and downs we've experienced, such as the crash last October, for example, so I think he still does deserve a little respect. If you disagree that's ok, but to me someone who's been bullish for the entire 90's turning bearish is significant. Hey I might be finding myself in the same boat soon if this terrible market keeps up. I totally agree with you about those waterfall days. They are a lot easier to read and therefore play than these small/medium day drops. As you mentioned, they set specific low points, which you can play for double bottoms, etc. I think you and I have gotten decent at that, which is why maybe this time the market won't be that nice to us to provide us with that good a guide as to what it's going to do. Still I agree with you that Wednesday should be a big down open and then a big comeback. Good luck playing the upswing. I may even join you if I feel up to it. What I think would truly be devastating to the market's mental state is if late in the afternoon when the market is now up 100 or 200 points, a new reversal sets up and the market ends up down or unchanged. That would really be a negative. I think the safe thing to do here is become a daytrader and not hold positions overnight. Incidentally you and I really do think alike as I privately listed some entry prices for msft, dell, csco, and lu that were within a point or two of yours. Amazing. Whatever happens short-term we still have troubles ahead-msft trial, elections, japan, etc. No way the correction is over this fast even if we rally for a month here (which I don't expect anyway). The goblins and ghouls will be out this October- that's my prediction!
