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

To: William H Huebl who wrote (24095)	8/12/1998 10:55:00 PM
From: donald sew	Read Replies (1) \| Respond to of 94695

Bill, Still feel negative towards this market. Just doent feel like enough strength for a nice rally yet, plus my technicals are smack in the middle and from there it can go either way. If this upswing continues, still feel that the top should be in the 8685-8750 range with maximum top of 8850. This call is more subjective than technical - technical, market internals are just not supporting a strong ralley just yet. Subjectively, I just feel that we will go down once more for at least another retest, or even a bit lower before we get the bigger runup. Im just not sold on that double bottom. Didnt like the way we hit 8350 twice intraday, and then still go lower by another 30 points testing the that support 3 times in the same day. Would have felt better towards a strong runup now if we had a "V" shape pop yesterday rather than testing the support 3 times intraday. I think we will retest the 8350 area and fail and then go down to the 8200 range and then the strong up-surge to the 8900-9000 range, then we go from there. Seeya