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

To: HammerHead who wrote (26239)	9/2/1998 5:09:00 PM
From: Philipp	Read Replies (2) \| Respond to of 94695

Isn't that ironic? Those who ridiculed him when DOW ran away from his exuberant warning are asking for his help now. Ironic indeed. Greenspan has indicated between the lines that he would welcome a well-behaved correction (to 7000? [my guess]). The only thing he doesn't want is a proper crash. CNN poll online: 76 % of respondents would invest in the stock market right now if they had 1000 $ to invest. Really? I don't see that reflected in today's actions, or are they just out of money? Today was a truly negative day (not so much on points, but because of its sentiment implications). Even before someone pulled the plug at the end, the afternoon session looked rather weak. Sellers selling on every possible occasion. The market should have been able to build on yesterday's explosive gains. If it does not reverse sharply up tomorrow, the crash alert has to stay on. The market can crash now without any further warning. Let's see. The last move down was 1300 points (8700 to 7400). What does Mr Fibonacci say? 1300 x 1.6 = 2100 or 5700 Dow from the present level (EWers is that right?). The present downturn does not feel like the 87 correction to me. Perhaps it is more similar to the 29 crash: failed rallies followed by increasingly larger downturns. I also no longer believe that we will see a single-day 20 % event, probably more a replay of the last move down with larger amplitudes. That would mean that it may not be so easy to spot the bottom, unless there is some real panic this time. Well, tomorrow will be another day. Good trading to all. Phil