One more for good measure:
To:Paul Shread who wrote (871)
From: JRI Friday, Feb 23, 2001 9:21 AM
Respond to of 882
Paul, until we get some Fed action (PPT or rate cut), I can't see how every rally won't get met with overwhelming selling (distribution) from big players...The psychology is still "earnings will never get better; when is the next warning coming"....I question: If we quit getting these announcements (next week?), will stocks rally on NO NEWS?
It makes more sense that they will continue to drift down until some dominant event can change the psychology. Since no tech company can do that thru earnings, I believe it has to a Fed move, in some form or fashion...of course, maybe the psychology could change as we getting closer to Fed meeting (and likely will)...but between now and then, how do we go up without a catalyst? The Fed meeting is so far away, we'll go down first. I think every decent intra-day rally gets sold, until Fed comes in....and this, basically, forces AG's hand...
Whose gonna hold over weekend and risk a huge gap down Monday? Therefore, I think any rally today is doomed to fail too...
All IMHO....believe me, I can change my mind on a dime-g- |
