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Harley,
Thanks for your market opinion. You could ver well be right on the
channels not holding, that's why I'm waiting to see if they do. However, a
bull market always climbs a wall of worry, and I do want to be ready to jump
in if it looks like the channels are going to hold. I've never been good at
predicting the market, but I do know how to ride a trend <G>. If we do get
a small bounce off the bottom of the channels, jumping in isn't very risky
since the protective stop will be real close. On the other hand, If your
scenario plays out, I'll just switch to the short side for new positions.
Does anyone else have opinions on next weeks market action. Exchanging
opinions and ideas is always helpful.
Jim
-----Original Message-----
From: Harley Meyer <Harley.D.Meyer-2@xxxxxxxxxx>
To: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>
Cc: JimGinVA@xxxxxxx <JimGinVA@xxxxxxx>
Date: Saturday, October 18, 1997 4:51 PM
Subject: Increasing Volume-decreasing prices.
>Jim,
>A couple of things. One you have been doing this longer than I have. Two my
>guess is that your channels are not going to hold this time. As far as the
>large cap correction - it isn't over yet. Big Blue comes out this week with
>earnings. So do a couple of others. Earnings & earnings outlook suck.
>
>I had a discussion with a friend the other day. He heard on CNBC that
earnings
>were very good for most of the companies. But most of the companies don't
>count. Only the big name companies count. Remember rising tides will lift
all
>boats. Also sinking ships (big ones) can sink small boats as well.
Regardless
>of how good there earnings are.
>
>The NASDAQ cracked it's lower up trend, the DJIA was moving up on fumes (No
>up/down Vol surge). So where is the leadership going to come from? When are
the
>big boys going to step into the market & buy. They haven't yet. That is the
>problem. Valuations are too high.
>
>My guess is that Monday might be a hell of a down day. Last August (15) it
was
>Options expiration day we dropped. Monday we roared back for 3 days. But
look
>at the charts. In August, we had decreasing volume up to Friday on both
>exchanges. Now we have increasing volume going up to Friday on both
exchanges.
>(That isn't bullish.) With Nasdaq having a top 10 record day in volume on
>Friday. (Nightly business report.) Thats (down) volume my friend.
>
>The tick on the NYSE was as low as -1500 on Friday. It was low all day.
Also
>The put/call ratio at the CBOE on Friday was .92.
>
>Well enough said. I hope you look before you leap.
>
>Harley Meyer
>
>----- Forwarded Message Starts Here -----
>
>From: JimGinVA
>Date: Sat, 18 Oct 1997 14:27:58 -0400
>To: Metastock List
>Subject: Weekly Stock Watch
>
>All,
>In looking at my indices, most of them are still in their up trend
>channels, but heading for the bottom rapidly. I think the bottoms will
>hold, but I'm going to make sure before entering any new positions. I also
>think that the big caps are about finished correcting, and if the indices
>do hold their up trend, that will be the time to start back into some of
>the large caps.
>Harley Meyer
>meyer093@xxxxxxxxxx
>
>
>
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