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I keep hearing on the local business radio, from local pundits, that the
market is on a "strong impulse 3rd wave (EW)" and that's why it appears
unstoppable despite of all the technicals screaming oversold.
Any EW experts out there have any thoughts on what this means. I cannot see
any 3rd wave patterns?
Mike R
-----Original Message-----
From: Joe Frabosilio <joe6964@xxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, November 05, 1998 7:16 PM
Subject: MKT: when will the fuse be lit?
>
>
>Hello everyone,
>
>For the past month I've been reading a lot of articles that say things
>like the fed or analysts are hopeing the market will rise and fear that
>it may go down. The articles are from Investors Business Daily
>newspaper.
>
>Today is another good example of what I'm talking about, "Russia won't
>be able to pay the more than $20 billion owed on foreign debts due this
>year and next, its government said for the first time."
>
>Page B15 Tuesday 11/5/98," Late in the session, the Federal Reserve
>released its much-awaited beige book----a regional outlook of business
>conditions in the US. The news was not rosy. Manufacturing is slowing,
>and retail business is lagging. That sort of news works against the
>dollar. It implies the Fed will be more likely to cut rates."
>
>And its to believe that credit card defaults will rise in Oct. Source
>Cnnfn.
>
>A couple of months ago with minor news like this the market would have
>dropped 200-300 points, now it just keeps moving up.
>
>Does anyone who has been in this kind of market know what will be the
>last straw? Or does anyone know what the change of heart was in 1929
>and 1987?
>
>Thanks,
>Joe Frabosilio
>
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