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To: Oblomov who wrote (72827)	10/29/1999 4:32:00 PM
From: pater tenebrarum	Read Replies (1) of 86076

Andrew, that's what i mean...consumer confidence has reached record levels this year simultaneously with the stock market peak...now all of a sudden confidence has entered into a decline, and again it goes hand in hand with a corrective process in stocks. considering the immense private sector debt load in the economy and the need for credit to expand at ever accelerating rates to feed the boom, we may be near the level where the 'school of fish' makes an abrupt turn... but i think that the stock market may well be in denial for some time...the buy the dip mentality is so deeply ingrained and the vested interests in keeping the bubble going so powerful that we will continue to see these sharp rallies on the heels of the declines. in fact it would be perfectly in keeping with historic precedent if the stock market were to enter a blow-off rally just as the first cracks in the economy begin to appear. that is what seems to be happening here...just look at the gains in the NAZ on big volume to boot...it's a classical blow-off.

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