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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Judy who wrote (23235)	2/3/1999 2:09:00 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 50167

Judy, shake you up??? I'm sure that it can't be done. Like Dorsey said though, it isn't a guarantee that it will correct further. Additionally I would not expect as large of a correction as last August since the market was significantly overbought then and is not overbought now (except for a few sectors). A bullish percent of 50% is normal, 70% is overbought and 30% is oversold. The NYSEBP was at 72% last July/August and is around 50% today. From the 72% range it dropped to about 16%. From 50% you would expect much less of a drop. (similar to Donald Sew's guitar indicator, perhaps). I still have a couple of long call positions, but have more puts and some cash on the side. BTW: Semi sector is at 74%. I should point out though that I am mid and longterm bullish. And have done nothing to protect my core holdings as I think they will be just fine. Tom