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

To: Gersh Avery who wrote (31179)	10/10/1998 5:27:00 PM
From: Greg Jung	Respond to of 94695

I don't know that we'll make 1030, just a resistance level I heard on futures - there's also one in 1015-1020 range and 1080 level if it gets that far. If you're not short yet and waiting to jump on, you look for the turning at one of these levels. The S&P is going to be moving, I don't know if its still up or straight down. There may be reason for it to go contrary to conventional wisdom. Conventional wisdom is up, at least long and hard enough for the pros to jump in on the short end. Any TA should be justly OTBE but if you're short an S&P sensitive stock, as I am, looking at another 5% plausible to the upside if the standard scenario (continued equity rally) holds. I'm long a small cap stock in a related sector that moved up much faster on friday so if that relation holds I'm ok. Otherwise if the stock comes near my entry point I can sell puts for expiration on friday (closes should be on the upside, with all the puts out there) to ease the pain.