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

To: William H Huebl who wrote (27905)	9/15/1998 8:13:00 AM
From: Philipp	Read Replies (2) \| Respond to of 94695

Hi Bill: All the good news seem to be already discounted by the market (Clinton possibly surviving, Japan compromising on reforms, Russia's new government, G7 talking the market up), but appear not to have been enough to cause a decisive positive break-out from a bearish chart pattern. This combined with the fact that the market has not even seriously started to discount that we are already in a profit recession since Q2 (only operating earnings are still marginally positive) paint a gloomy picture for the next couple of weeks. The Clinton factor is more likely to be negative over the next few days. What happens if some senior Democrat asks for Clinton's resignation again? I don't want to be a holder of calls at that moment. I think it is time again to prepare for the next big leg down. The PPT have been quite successful in preventing the inevitable so far, but I think they are only able to delay it, not to stop it. Good trading, Phil P.S.: I tried to buy calls yesterday morning, but they were already to expensive for my liking (I only gave the second Clinton rally another 200 points), so I bought puts instead in the early afternoon.