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Yes.....It appears the retracement is over......it was a very weak one at
that.........IF the next decline equals the first one (approx.1000
points)...your target would be 8750-1000=7750....IF the next decline =1.618
of the first...your target would be in the 7000
level which coincides with the Jan. low...............
As for a waterfall decline....it has already started in the broader
market.....I believe
the WSJ or someone indicated that the avg. stock is down over 25% from the
high.....
The major indices are masking this collapse in the avg. stock price.....
P.S....Soros is not right everytime....he lost 2 billion in Russia....sold
the S&P's at the low of 200 the Tuesday after the 87 crash...etc......He IS
a great money manager...note after taking a 2 billion dollar hit in Russia
he is still up 19% for the year......that is an excellent example of
spreading your risk/reward out.......
Tom Stein
comfut@xxxxxxxx
-----Original Message-----
From: dbtg <dbtg@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Wednesday, August 26, 1998 8:15 PM
Subject: Re: DJII
>Hi Tom,
>With reference to your excellent post below.....
>Do you think the retracement is complete? and, then to the
>'waterfall' decline? Stanley of Soros did say on CNBC that
>it may be time to buy or something to that effect, in fact
>he's credited for the market bouncing off the lows today.
>thanks, have a good one,
>dn
>
>-----Original Message-----
>From: Tom Stein <comfut@xxxxxxxxxxxxx>
>To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>Date: Tuesday, August 11, 1998 11:28 AM
>Subject: DJII
>
>
>>Looking at the hourly Dow Jones cash.....it looks to have completed a 5
>wave
>>decline from the all-time high.....IF this move down doesn't keep
>>sub-dividing...THEN we can
>>expect a retracement to the 8850-8950 area before the waterfall decline
>>starts..........
>>
>>During this rally phase you should hear the Ralph's and Joe's on CNBC
>>talking about
>>how this was just a normal correction in a bull market.....this rally
phase
>>will need to be watched carefully as it will tell us whether the Ralph's
>and
>>Joe's are correct or if it is just another opportunity to sell..........
>>
>>
>>Think about this for a moment....during this entire leg up from the last 7
>>years....Did you ever see a day with 2700 advancing
>>issues?????????????????????
>>
>>
>>As always....the market will tell us what to do....now if we could only do
>>it and snag some $$$$$$$....................
>>
>>
>>Tom Stein
>>comfut@xxxxxxxx
>>
>>
>>
>>
>
>
>
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