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

To: Bull RidaH who wrote (33442)	11/10/1998 1:59:00 PM
From: Patrick Slevin	Respond to of 94695

<1150+ on the S&P futures in the next week> I'm really on the fence with it but I do think so from a gut feel. I don't think much more, but the market won't just turn on a dime and run back down. Right at this point, it appears more like it's just "resting" after that sharp ascending move from October 8th. It had a period of rest from the 16th to the 28th where it was just somewhat sideways, as if it was coiling for this recent sharp move from the 1070ish level. Psychologically I believe there is just still enough bullish fervor to drag it up a mite higher, probably the 50's. But the action recently leads me to think that sellers are drifting away. If so, the sharp up-spikes go with them. Much of the action almost appears to be short-covering as it spikes higher. If the sellers are truly thinning out the next move may lead to a solid pullback. All of this is intuitive speculation of course. On that FCC issue, I heard that when I first came on SI 2 or 3 years ago and have heard it, as it says in that link, at least once every year since. I did not wish to dispute you on it, I thought you may have seen an outdated item on it. Then too, there was always the chance that it was true. I had to find out for myself and fortunately found it rather quickly.