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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	11/1/2001 12:54:18 AM
From: Softechie	Read Replies (1) of 37746

Bernie Schaeffer remains skeptical By Julie Rannazzisi Bernie Schaeffer of Schaeffer's Investment Research injects a healthy dose of skepticism into a market that has projected surprising and somewhat puzzling optimism of late. Schaeffer cautions investors that the rally off the Sept. 21 lows -- while nothing short of spectacular -- appears to be yet another violent upswing within a bear market. He points out, in fact, that the market has consistently displayed the capability to rally during earnings reporting periods. "The market in 2001 has exhibited a remarkable tendency to rally during earnings reporting months while otherwise spending its time in serious declining mode," the strategist said. He added that stocks tend to reach some kind of extreme ahead of earnings during a bear market and that any reality short of total disaster is thus received positively by investors. "But once we emerge from the earnings reporting months, the focus moves back to earnings growth, and this has been and remains an overriding negative with no relief in sight. If this pattern holds true for the rest of this year, then November and December could get pretty ugly for the market," Schaeffer said.

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