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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (2005)11/6/1998 4:19:00 PM
From: Justa Werkenstiff   of 15132
 
** Market Comment **

I think caution is the word for this rally at least for the past few days. When the DOW hit its low, it shook a lot of people out. The selling pressure must have been extreme. At the bottom, there was a vacuum created. The selling pressure climaxed and all that was left was buyers or soon to be buyers or sideline sitters. Add to this the surprise Federal Reserve interest rate cut close to the bottom on October 15th and there has been a title wave of liquidity flooding back into the market which exacerbated the vacuum effect and the slingshot upwards. All those big boys that went from stocks to bonds in a panic for safety have come rushing back into stocks. Caution is the word here especially given the calendar I have outlined with respect to Greenspan rate cut issue and the impeachment hearings in the face of this market moon shot.
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