The Naked Truth - Big Kahuna a Myth Message Board

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To: MythMan who wrote (59620)	8/31/1999 4:36:00 PM
From: pater tenebrarum	of 86076

lots of sell-side imbalances in the market-on-close orders. the transports, the financials and the dollar index never really bounced back. i would say that holds out the possibility of further declines. i used to know an old-timer at the Munich Stock Exchange, he always used to say "follow the banks". i haven't covered my financial services shorts yet, with the exception of PVN...which i plan to re-enter at the next opportunity. i have a feeling the brokers,banks,etc. are in for more tough love in short order. there should be more trepidation in the bond market as the jobs data draw nearer. note that if that proves to be the case, anything short of a catastrophic number will likely lead to a relief rally. w/regards to the bond, there's also the uncharacteristically large corporate issuance that will hit in September as well as Japanese fiscal year end repatriation. all this will continue to drain away liquidity, so i'd expect rallies to be short-lived, in both stocks and bonds. the short term cycle lows projected for today or 09/02, depending on who you ask, must fail to enable us to be delivered from this evil bull market...

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