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

To: donald sew who wrote (31596)	10/14/1998 11:17:00 PM
From: NickSE	Respond to of 94695

donald, Stumbled on this guy's site a few days ago. Market Conditions investorlinks.com Updated Wednesday, October 14 at 6:30pm Central Well, my Long count from yesterday did me justice today – we were up, but not as much as I expected. But – hold onto your hats for tomorrow! Two important things happened on the intraday chart today. First, we did not take out the previous high. Second, the day ended down with fierce selling in the last hour or so. This indicates to me that tomorrow will open strongly down, and will probably sell off significantly. This chart looks extremely bearish to me for tomorrow, but the Open on the Dow will "tell the tale." I would expect a strong down move (about 150 or so points) followed by a consolidation. If the consolidation fails, and it continues down, we will likely have a down 250 to 300 day tomorrow. As an aside, I find that typically the state of the market 45 to 50 minutes into the day tells a whole lot about what is going to happen next. Often, the market will turn at that point and move solidly in the other direction (as it did today). Other times, we continue in the same direction as the Open. In any event, if you are day trading (or even if you are position trading and can wait until this drama unfolds before placing orders), you have a big, big advantage on the day's action going to the close, with about 5 ½ hours of market action left after the smoke clears. It's no secret that I am bearish right now (but very much want to turn bullish!) Tomorrow could be a key day in telling us whether the market is going to break down in the 4th quarter, or whether it's going to bounce back and confound all of us bears. If the market turns, you can bet I'll be the first in line to buy Call Options! Remember – The Market is Always Right. Good luck in your trading! Regards, OrbiT