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Wall Street, Next Week April 20, 1998

1. DANCE BY THE EXIT

2. INVESTING

3. TRADING

4. LETTERS

Our 9170 target zone afforded several trading opportunities last week. However, as we repeatedly held positionally, day trading profits left us. Friday's close of 9167 again suggested shorting with a double on Monday. We would stay short at least till the end of the month, unless stopped out.

The Securities and Exchange Commission approved new circuit breaker trigger levels for one-day declines of 10, 20 and 30 percent in the Dow Jones Industrial Average. OK COMPUTERS, RESET YOUR TARGETING GUNS TO 850 POINT MOVES. As a 10% correction of the 9170 area is 8253; 20% 7336, and 30% 6419, bulls may reach for a possible, but not probable (IMHO) extended high of ~ 9300.

NEXT WEEK
Monday, Mercury SD and Sun enters Taurus; Earth day is 22th. Is this a recommendation for a trading buy of agricultural stocks? Seriously, new thinking (Mercury) may mean that poor corporate earnings and a future declining dollar may matter next week?

Key Date: April 20
DJIA: S 8888 R 9170/9200

2. Carl Ruhle PRUDENT MARKET DECISIONS (4/7)

"Our long-term market timing model gave a major sell signal. This is the first signal from our timing model since it gave a buy-signal of November 2, 1990 at Dow 2480. Since the model is designed to identify high-risk major topping area, the Dow is now forming a momentum top. Downside risk of 15-20% or more, far out weights the upside potential of 5-7%. Caveat emptor!"

3. Trading Shorts: HWP and IBM .

Keep in mind the sage advice of gamblers: "Know when to hold them - know when to fold them."

4. Q: DJIA continues to challenge historical highs. Moreover, 4/9 and 4/14 were big up days. Do you still insist that April 98 is like Aug 97 in HK?

A: Yes, but obviously as nervous as I was when Hong Kong continued to rise past 15,000 to 16,000.

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(c) 1998 All rights reserved. The Astrologers Fund "Always a Stellar Performance"
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Author: INVESTING BY THE STARS McGraw Hill, TRADING BY THE STARS (99)
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