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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: marc ultra who wrote (8970)9/29/1999 5:35:00 PM
From: Hank Stamper   of 15132
 
I have been thinking about the sentiment issue. Bob has been saying that at The Top, complacency will reign. His statements follow closely all other accounts of market tops that I've read (e.g., articles, business editorials, C. MacKay, books on 29' etc.).

It has troubled me that at the recent tests of the old high, sentiment has not been exceedingly complacent. There was a lack of euphoria.

On the other hand: Now, with the markets testing the recent lows, there appears to be a lack of fear of a bear market. I recall last summer and fall. Even when the market was still off less than 10% there was real fear. Some Godzilla was going to scoop down and eat Mr. Market! Not now, though. There is very little fretfulness even though the fundamentals are very different from last Fall and any movement upward from here could be a "dead cat bounce.

Ciao,
David Todtman
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