Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : SPARKY'S CORNER -- Ignore unavailable to you. Want to Upgrade?

To: Daveyk who wrote (3611)	9/8/1998 9:35:00 PM
From: James Wright	Read Replies (2) \| Respond to of 4142

I covered all of my short positions on the market open this morning based on the strong S&P futures number. Although I gave up some gains on the gap ups which happened nearly across the board when the day began, overall I was able to walk away with about a 40% gain in my non-IRA portfolio by going short a month or so ago. Bruce, I think you may have come too late to the party with your recent short. Now question is whether we've begun a solid up trend or is this setting us up for another big drop. Any thoughts? -- Jim

To: Daveyk who wrote (3611)	9/9/1998 11:50:00 AM
From: Bruce A. Brotnov	Respond to of 4142

Dave, I'm just altering my process a little for a different market. If we get out of the down trend then I will be fully invested and fully margined again, but in a down trend I believe it is more prudent to be selective and cautious. We haven't had a tough market like this for some time. Bears are the strongest (46%) in 4 1/2 years I just heard on CNBC. This is a good contrary sign. Right now I like stocks that have pretty good bases. AVEI support around 40, IFCI around 6, DBCC around 4 15/16, SAH around 17, RMII at 10 and CDWI at 10 7/8. I really had to cut some positions last week from 14 to 1 or 2 and now have got back in a little more. If we hold in a trading range and stay above 7400 we are still ok, just don't need a break like the market did with low 8300s. There are a lot of negatives still driving the market, esp world market/economies and the big "I" cloud. If the big I is mentioned (impeach) seriously, we'll probably see another hard drop. That is one of the small clouds over the market today. Otherwise, Sparky's NRVH would be zooming on the new buy recommendation. <g> SUT is still challenging the market as it was up 4 3/8 last week. AVEI just broke above $44. Go,Go,Go. <G> Bruce