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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: Stash who wrote (3502)	12/22/1998 12:59:00 AM
From: Tim Luke	Read Replies (4) \| Respond to of 90042

i'm torn....but i will have to lean towards a 300 point drop in the dow

To: Stash who wrote (3502)	12/22/1998 2:36:00 AM
From: Stephen	Read Replies (1) \| Respond to of 90042

Japan's closed down over 300 points after a long battle at the 14000 mark. This probably impacted the Globex futures. However, the ftse is 134+ or 2.34% so if Europe shows strength, the futures may turn around. We're too near year end for a big sell-off in my opinion. False as the rally may seem, any weakness is likely to be bought and I doubt we will see a big drop. If there is one tomorrow ... I would expect a big rally Wednesday and will buy in end of day tomorrow. The divergences and technical weaknesses are just the result of tax loss selling on the small & mid-caps & the buying for window dressing of the big names. So the indexes look strong, but the breadth is weak. The people on CNBC don't seem to be able to grasp that the two counter-forces can exist simultaneously and not be the weakness that one would normally associate with this TA. Breadth & hi/los mean nothing till next year at this point as far as I'm concerned. This doesn't mean there won't be profit taking, but the market leaders still look strong to me, and the fund managers won't be selling as they need the positions for end of year.... and there's likely to be more buying just to make it look like the sidelined money is actually being put to work - no one wants to have a portfolio thats 40% cash when the index gains are going to look good and the individual funds performance doesn't match them.... then the investors see that there's idle money as the market climbed ..... I'm waffling ..... night all Stephen Good luck all Stephen