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To: John Pitera who wrote (26686)	3/21/1999 10:57:00 PM
From: Terry Whitman	Read Replies (1) \| Respond to of 86076

I thought maybe Luc had kidnapped him and started posting in his name. <g> I miss a couple of days, and look at what happens around here. People must certainly be on edge- The threads are all rocking this weekend. GONZAGA! The official Japanese alcohol-fortified wine of the NC2A. FWIW- Swenlin sez look out for the bull trap: >>BULL/BEAR TRAPS A subscriber has requested that I explain my reference to a Bull Trap in some of my comments last week. A Bull Trap results from positive market action that implies that there is much more positive action to follow, which causes the bulls to make a full commitment to the expected up move. Then the market reverses much sooner than would normally be expected, causing much confusion in the bull camp and trapping them in their bullish stance. A Bear Trap is the same only it occurs at the end of a decline. The recent breakout and any subsequent rally will, in my opinion turn out to be a Bull Trap. The key to it being a trap is the element of surprise. While we are still committed to the upside, we are expecting an important reversal at any time. We are exploiting whatever may be left of this rally, but we are prepared to exit at the first sign of real trouble (which we are virtually certain is coming). Those who are taking the breakout literally and projecting much higher prices based on standard technical interpretations of a breakout of this nature, will be skeptical about the reversal when it comes because it conflicts with their view of what reality should be. The current rally (from the 3/3 low) and subsequent breakout has badly faked out the bears, who were looking the exact opposite to happen. Based strictly on price action, they now have to be joining the bulls in increasing numbers as the market works its way higher. Soon the door will slam on the trap and take them all down. How far down will depend upon how flexible they are and how soon they are willing to admit they were wrong. We all can and will be caught in Bull and Bear Traps -- it is unavoidable unless we are always right. This is why we all need to have "Plan B", which is what we plan to do when the market doesn't do what we think it should have done.<<