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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: John Pitera who wrote (53656)7/29/1999 12:59:00 PM
From: bill meehan  Read Replies (3) of 86076
 
COMP 20 dma will be turning down and I don't think the 50 dma will provide anything more than a possible little bounce. Today is likely to be the twelfth consecutive day of increasing new lows on the NYSE. Lots of Index puts trading, so can't rule out a bounce, but this market is looking very ill.

Wrapped up midday comments with: Goldilocks may not be dead, but she could be headed for the ICU soon. As Mr. G said, “The danger is that…an unwarranted, perhaps euphoric, extension of recent developments can drive equity prices to levels that are unsupportable even if risks in the future become relatively small.” I think we've already reached that point, and we may have seen the highs for quite some time.
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