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

To: Enigma who wrote (34083)	11/24/1998 10:37:00 AM
From: Paul Shread	Read Replies (1) \| Respond to of 94695

Enigma -- The start of bear and bull markets are typically measured in 20% moves. As the Dow never dropped 20% on a closing basis, the fact that it rose 20% off its lows probably doesn't matter as much as it did with the NAZ and RUT; those were probably the flags that we were entering a new bull phase. Sorry for the delay in answering. Took a long weekend. Was surprised that we hit new highs so soon, but what surprised me even more was Ralph "6500" Acampora back on the 10,000 wagon on CNBC last night. If anything, Mr. Whitman, that is your seventh sign. ;-) I wish to point out for the record that I said on Aug. 31 that the market would be higher within three months (I'll find the post if you really don't believe me). Technicals notwithstanding, the economy, interest rates and inflation were too good for a bear market -- and still are -- so we got a severe bull market correction instead. And the fact that we have made new highs since then means that whatever began in late July is over. That said, I'd still like to see more participation from the TRAN, cyclicals and the RUT. If I were looking to put money in individual stocks right now, I'd be buying airlines or cyclicals; they're either going to be the object of bargain hunting, or this market's gone about as far as it can go for now. Cheers. Paul