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Strategies & Market Trends : Tech Stock Options
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To: Magnatizer who wrote (55829)10/19/1998 7:17:00 PM
From: B.REVERE   of 58727
 
David, my point was that this is a sucker's rally.
It shows that those with 401 k's are still putting their
money in money markets a/o last Wednesday. The boomers aren't stupid.
They just saw 15-20 % of their pensions go out in one month.
September's fake rally by the Dow didn't flush them in as their fund's nav value kept dropping. Greenspan saw that and panicked last Thursday. He probably saved his friends over at LTCM at the same
time, if they hadn't already blown the last 1.5 billion they had left.
If the flow changes this week, then there's a possibility this
bear market rally will last a little longer. If the flow stays out
of equities, then tax loss selling starts in earnest next week.
The mm's won't wait for Brazil to rollover or another bank declaring
huge hedge fund losses.
Earnings are up? From what, last year. I don't think so.
And yet the s&P and dow are trading 10% higher than the beginning of the year. The bottom line is earnings and these prices are no where
near where they should be. Earnings expectations are neg 1% growth
for this quarter. The s&p goes for 27x earnings. At best, next year
is a flat gdp, but probably a recession. Smoke and mirrors are for
magicians not for the clowns who call themselves "protectors of the
currency"

Later,

BR



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