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

To: bobby beara who wrote (25530)	8/28/1998 10:01:00 PM
From: RangeRover	Read Replies (1) \| Respond to of 94695

I have a buddy that is into Elliot Wave also and he says we get a rally and then the ship sinks from there.....He has been damn close on every call the last few weeks.....Thanks for your analysis Chris

To: bobby beara who wrote (25530)	8/28/1998 10:05:00 PM
From: jef saunders	Read Replies (2) \| Respond to of 94695

have you seen Joe Battipaglia bullish comments? i STILL can't figure out how to link (# 61337 from dell thread...more there). GHARIB: What about Russia? That's been a big worry the last couple of days. BATTIPAGLIA: Since when has Russia taken center stage financially? The country's just trying to find its way out of a command economy to an economic model like our own. They need help in doing it. The Germans and the United States will work together to support that effort so that they will not default on a short-term basis. The dollar is the substitute currency in the black market there, so I wouldn't put too much particular importance on what's happening in Russia right now. GHARIB: All right, but when we talked to a lot of the strategists who are bear market oriented, whether you're talking to technicians or whether you're talking to fundamental people. They're pointing to advance decline line deterioration, deterioration in a lot of these large cap stocks, talk about a global recession. And they're saying that this whole Asia thing, the worst isn't over yet. How do you argue against that and still be so positive? BATTIPAGLIA: Well, there are two separate answers to this and that is the technicals always look bad before the next leg up. We saw that in '96 when we had the correction based upon fears about the economy. We saw it in '97 when we were worried about irrational exuberance. Well now we're worried about Asia. The second part of that is, can we get a recession from what's going on overseas? I look at it from the other perspective. So long as the world's largest economy, and then the one that's second to it-Europe, continue to grow the way they've been growing, and the evidence supports growth, the rest of the world benefits from that. Meanwhile, the trouble in those foreign markets allows those products that are produced there to be bought more cheaply here. Pushes commodity prices down, which is a positive wealth effect on the industrialized world.