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To: bill meehan who wrote (53474)	7/28/1999 11:13:00 AM
From: pater tenebrarum	Read Replies (2) of 86076

someone presented a chart recently that depicted the flow of money into growth funds this year...as everything in this mania it was off the charts. Lemming express it is. btw, the Dow recently hit the 250% exponential trading band above it's 20-yr. moving average. this has happened only thrice in this century: in '29, '97 and now. thrice in this century the Dow has fallen below it's 20 yr. MA: in the post '29 , the late 30's to early 40's and the '74 bear markets. in the late 70's to early 80's it bounced around the 20-yr. MA, using it as support before this phenomenal bull market started. currently the 20-yr. MA resides somewhere in the 4,000's. a true bear market should push the Dow below it's 20-yr. MA at some point, which by then will presumably be at a higher level. a significant break of the 250% upper envelope to the upside is a record the mania has yet to achieve. hb

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