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

To: Death Sphincter who wrote (34003)	11/19/1998 2:15:00 PM
From: SE	Read Replies (1) \| Respond to of 94695

The SPOO looks like it could go either way. It is way overbought, but that doesn't mean shit and I have some divergences that say down is the path of least resistance. However, it also appears that if any strength comes into the broad market...and I don't see it now in way of the TICK, the thing could run to 1160 before turning south. In either event, I think we are at or very very close to the top. If this thing continues up from here I will certainly be surprised, but heck anything can and usually does happen.

To: Death Sphincter who wrote (34003)	11/20/1998 1:30:00 AM
From: Jay8088	Read Replies (3) \| Respond to of 94695

Could it be that too many people are calling for the top? Yes, the market is soggy and overbought, etc. But it is going for higher highs and higher lows short term. I think the double top formation at 9300 is a strong possibility. Even then it is unlikely to be a crash wave. We already had one July 20 - 9/1. I am not sure that the rule of alteration applies form C to A wave... but this coming downturn may be more of a water torture type - long, slow, steady decline while deceiving bulls to hold on for sharp recoveries. Just my guess.