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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Steve Yuan who wrote (18655)	12/3/1998 6:57:00 PM
From: HiSpeed	Respond to of 69298

Did BA start the lovely "preannouncement season" this week? Tonight, gobs of negative news on TV - JNJ, steel, layoffs, Japan stinking again, Brazil, et al. If the market continues down, TAs will look at the charts saying "Double top"; wasn't that obvious. I really can't say either way except most of my positions this week have been shorts.

To: Steve Yuan who wrote (18655)	12/3/1998 10:19:00 PM
From: Clint E.	Read Replies (1) \| Respond to of 69298

Hi Steve. My views stay the same as last Monday night. I am cautious(=neutral) but I am not bearish. This is healthy profit taking/consolidation and is here to stay. We all should get used it. None of that huge gap down, reversal, back to old highs game. No fast recovery. No, I don't see another Black Monday. This Brazilian news is a "new" development and as you know anytime the market gets a hold of something new, it plays with it for a while until it gets tired of it. Don't cats do the same thing? If you see something about what happened in Brazil, please post. I expect choppy trading for the rest of December. As I said last Monday, the top is already in. The question remains as to where the bottom of our trading range would be. The DOW is oversold and has support between 8800-8850(3rd rate cut support) so I don't expect much further decline below 8800. My worst-case target is 8700, in case of more negative developments. >>>If we really get a gap down tomorrow morning, we could see some emotional or margin-call selling. Do you think it is worth bargain hunting? Again, I don't expect to see none of that gap it down big time, reverse it, and fly back to old highs. It is way too early in the profit-taking cycle for that. So if they gap it down and you get into something, it better be a short-term play that you plan to exit right away as it heads back up because there are plenty of people trapped who are waiting with their sell orders to get out. I should be available tomorrow before the open and I will post anything that I see happening. Clint