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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (7196)7/27/1999 6:18:00 AM
From: Justa Werkenstiff  Read Replies (6) of 15132
 
** Market Comment ** Well, how much do we need to sell off in the market in order to discount what Greenspan said last week and what he will say on Wednesday? You have to ask what further damage he could possibly do come Wednesday. Greenspan stated that the data will drive the FRB's decision making. So what else is new? Short of saying he is going to crank up rates on August 24th, he cannot do that much more damage and he will be out of the jawboning business at least for now after his appearance on Wednesday. And you have to think that the bottom for this correction is no worse than what we put in during the spring for now when the market was discounting at least two rate hikes. Moreover, we have had great earnings along with nice visibility going into the third and fourth quarters. So I would expect that we should put in a short term bottom here any day as the market comes to grip with the above. Then we will focus on the data which is what we should do anyway. If the data is benign, we should rally exogenous events aside.

And Brinker may think so too. He has said we should revisit the general area of the highs (perhaps exceed the highs) by the end of the summer. I hear the critics now. This is simply another tautological call on his part because all of his calls are of this nature. Yeah ... right ...

And we must note how the critics have now taken positions on how far off Brinker will be in calling any bear market. Well, if such a person had any guts the true measure of his superiority would be for him to call any bear better than Brinker all by himself instead of trying to measure his market savvy as a function of Brinker's success or failure <VBG>.
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