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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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