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

To: Oeconomicus who wrote (25220)	8/26/1998 5:37:00 PM
From: Rogue French Trader	Read Replies (1) \| Respond to of 94695

The H&S I'm looking at is MUCH more short term (like 3 days for the whole pattern). Top of head yesterday at 1104, shoulders at 1088. iqc.com I don't know if were trending sideways here, but if we are I'm betting another retest of S&P 1056 real soon. Hopefully, it will blow through it, but I may sell 1/2 my position around that area tomorrow. We've hit that too many times to bounce again, but I probably won't take any chances if it hesitates too long. I'm long term bearish as well, but am expecting a strong move up after we find a new bottom at least 15% from the high in July -- say 1010 or so. This should be a powerful rally (I hope to be in CALLS), that will fund all the PUTS I intend to buy for the BK. I don't know if a 15% "correction" is going to be the magic number, but I do think that there is a lot of cash waiting to get back into this market.

To: Oeconomicus who wrote (25220)	8/26/1998 5:43:00 PM
From: robnhood	Read Replies (2) \| Respond to of 94695

<<Sentiment seems too bearish >> I agree,,, I noticed today on the newswire that the cboe put call ratio was 2.95/1 as compared to yesterday's reading of .95/1.. That was around 2.30. I don't follow that indicator , but it struck me as indicating a very strong bearish sentiment. As far as Russia, well what everyone suspected has now been confirmed. Still if the market wants to go down, any excuse will do. russell