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

To: Bull RidaH who wrote (24364)	8/15/1998 1:11:00 PM
From: Lee Lichterman III	Respond to of 94695

While you , Donald and others here have been extremely accurate in your calls on this market, I have a few observations of my own that as a lurker I thought I might add. Although I don't trade the indexes so I don't chart them in detail, I do the charting for many friends on their individual stocks along with mine. My charts yesterday showed the NASDAQ hitting a trendline of prior lows and bouncing ever so small but it held. The S&P held the 1060 yesterday ( not counting the MMs running the stops to 1057 then letting it back up). My main point is that individual stocks that I chart have all given signs of a bottom in the last week despite the ugly index action. I understand that these may be the exception rather than the rule but I am seeing signs of bottoming. CSCO, DELL, COF, GTW, MU, PVN are just some of the ones I do among about 50 others and they have all been holding their ground and have mostly traded sideways the last week or so. KEA actually has started a run in the last 3 days on no news and this got my attention for a reason. Those of us that trade KEA hate one thing about it. It always seems to lead the market in movements. It crashed last quarter 2 weeks before the rest of the market pulled back, it climbed back up a few days before the rest of the market started to recover, it fell a week before the market fell this time and now it is staging a mini rally that I do expect to fail soon but it did it while the indexes were falling to test bottoms. My point is, barring a zippergate/Asia induced Black Monday, I think the relief rally Jerry Favors et al are expecting may be this coming week as some others here have hinted at. What will be the spark? I don't know, maybe a good release by DELL, Clinton finishing testimony, good CPI numbers Tuesday? Maybe the Fed will surprise Thursday and drop interest rates. All I am saying is though the indexes look horrible and are sitting on the edge of the cliff, most of the stocks I chart each night which represent the watch lists of 20 people are in a holding pattern and have started showing strength except for DELL that slipped below a trend line Friday ( But with earnings Tuesday, I will be surprised if it doesn't duck back in by Tuesday) and even it has been sideways lately. I don't have much to offer as to what is driving the indexes down other than the possible cutting of speculative prices on weaker issues where those that I befriend tend to stick with FA before adding to their lists so the weaker issues could be dragging the indexes down while the stronger ones have finally neared their lows. Just my observations. BWTHDIK Lee

To: Bull RidaH who wrote (24364)	8/15/1998 5:28:00 PM
From: HairBall	Respond to of 94695

David: I am in the middle of some external (none market) business. I will at times, day trade certain stocks that I am following. Please keep in mind, I am primarily an investor, as opposed to a day trader. Except for limited, intra day trading positions, I am in cash and my family is in cash. (Except for my brother who has "some" special interest in a major communication company.) So, my answer to you is, for the most part, I am on the sidelines, for now! Thanks for your reply. I look forward to the outcome and I am rooting for each person I communicate with to be successful in their predictions. Especially those, that put it on the line as you do. Note: Price and volume action via my analysis, strongly suggest at least an initial move up Monday AM. BWDIK Regards, LG PS: My software to date, does not allow intra day technical analysis. I am waiting for a new product release next month, that will allow me much more control and will facilitate a more aggressive intra day trading posture in the future.