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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: James Strauss who wrote (19577)	8/27/1998 6:08:00 PM
From: Jerry Olson	Read Replies (1) \| Respond to of 50167

Hi Jim Yes I agree, in fact that is exactly what I've been saying here for the last 2 weeks... we are very oversold right now...but usually Fri into Mon has not been a very good time to hold stocks..... the SOX index has collapsed as I thought it would all along... in fact almost all indexs have violated traditional supports... I'll be curious to hear & read what Ike has to say after we see what happens in Asia & Europe tonight and tommarrow... As we move closer to earnings time again, things might get a little more testy than now...esp. in the techs... Japan is below Ike's support as well...I can forsee panic selling from there soon...this "could be a snowball effect".... Not a good market to be long in, IMO...we are now down from 9350 to 8175...a BIG decline in any language....NAZ took a gigantic hit, and may go lower.. On The P&F charts, the NYBP is at very low oversold levels at 28%, we should be nearing a bottom here shortly...I was still looking for a technical rally but really don't know when & how much we could retrace, before going lower or at least testing the lows again, whatever they will be.... all in all not a pretty sight... we have seen & heard a lot of negative stuff lately...seems to me some good news is on the horizon...it always plays out that way, good-bad-bad-good...we'll see huh????