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Strategies & Market Trends : The Stock Market Bubble -- Ignore unavailable to you. Want to Upgrade?

To: Terry Whitman who wrote (1081)	8/10/1998 4:49:00 PM
From: yard_man	Respond to of 3339

Back below 260 this week? quote.yahoo.com^SOXX&d=5d

To: Terry Whitman who wrote (1081)	8/10/1998 6:31:00 PM
From: bobby beara	Read Replies (1) \| Respond to of 3339

TW, this bubble head likes your 'sense' on this rally. Just another 'suckers' rally in a bear market IMHO. Trendlines, broken support, weak internals and sentiment indicators still showing we haven't hit a capitulation bottom. Notice weakness in the Dow on this rally while the "new era" techs and internets rallied pretty good. We remain below the closing June closing lows on the NYSE and the DOW. Greater fools buying the semiconductors because this is just the bottom on another cycle and ignoring that this time is different and the "normal" cycle has been disrupted by Asian contagion. The ship is sinking the Irish in the boiler room (RUT - Asia - Russia, etc.) drown first and the Elite (OEX) is last to leave the ship. On an elliot basis we have just completed wave 4 or are in the process and wave 5 will test or take out last weeks lows, bank index tested them today. bb

To: Terry Whitman who wrote (1081)	8/11/1998 12:22:00 PM
From: Les H	Read Replies (1) \| Respond to of 3339

From the desk of modern day bubble-onia: BOTTOM LINE ON THE MARKET; August 10,1998 On August 5, at our 4:05 Eastern update we bought the OEX August 540 calls at 7 1/2. We sold this position at 9 on August 7 for a 20%. WHAT TO EXPECT NOW:On Friday, high up-tick readings were recorded starting at the 1100 level on the September S&P's (which a +1059 up-tick was recorded) and persisted up to 1108 area on the September S&P's in which 832 up-tick reading was recorded. Up-tick readings exceeding +600 appear near short term tops. From the high at the 1108 area the market pulled back closing at 1094.70, forming a bearish candlestick pattern called a "Shooting Star". We have found a lot of bearish "Shooting Star" highs are re-tested. If the high of this "Shooting Star" is re-tested (which is Friday's high at 1108.50 level) and high up-tick readings are recorded that exceed +700, a potential sell signal could be triggered. To officially trigger a sell signal the market would need to draw a bearish candlestick pattern on the next high up-tick reading day or the day after. If a sell signal is generated near Friday's high at the 1108 level, our down-side target would be the 1060 area which is the previous low that materialized last Tuesday. For longer term, for about the next two months, we think in general the market may develop a trading range were 1060 area is support and the 1125 area is resistance.