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

To: Philipp who wrote (25438)	8/31/1998 4:17:00 PM
From: Philipp	Read Replies (1) \| Respond to of 94695

What a day! The last time I saw anything like this was in 1987. What happened today is what I had expected for Friday when I called the crash on Thursday (# 25438), but I underestimated the psychological importance of the 8000 Dow barrier. There is not much more to be said now. Tomorrow should be the main act with a possible strong rebound on Wednesday? 750 SPX is still a good target, though I think it could go as low as 700. I don't see anything that could turn it around. The market is already in free fall, the world situation truly gloomy. Japan/Hong Kong are about to crash and even Russia can still become worse (an open coup rather than the behind-the-scenes coup going on right now; but that will not happen before the end of Clinton's visit). What positive news could there be? The Fed lowering rates? Hardly. That would confirm that the Fed is expecting a crash, which would be rather self-fulfilling. Jim: Tomorrow you will find out what real panic selling looks like. In 87 there was no working stock market for many individual stocks, just the futures remained liquid. This did not happen today; except for the last hour or so, the market remained very orderly. I hope that you are mainly in cash or puts. Good trading to all. Phil