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Technology Stocks : America On-Line (AOL)
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To: bobby beara who wrote (28623)8/6/1999 12:48:00 AM
From: Rarebird  Read Replies (2) of 41369
 
< Today was a bottom, I covered my shorts and am long now >

Since you change your market view on a daily basis, allow me to call you Bobby Bimbo.

What makes you think today was a bottom? Today was nothing other than a short covering rally. With the exception of AOL, the stocks that most recently went down the most went up the most today. That is typical of a Bear Market short covering rally. In the height of the feverish selling this morning, I had posted that the shorts would take profits soon:

To: DOUG H (28326 )
From: Rarebird Thursday, Aug 5 1999 9:46AM ET
Reply # of 28692

The shorts will begin to take some profits soon ahead of the weekend: :)



The problem with market bimbos like you Bobby is that your always after the fact. You hardly anticipate anything. You think your different from the Polyannas you attack on Bullish threads like this one. But you have a lot more in common with them than you think. You have given up on the fundamentals too. I know you have become Mr. Short Term Daily Momentum Boy and have gotten burnt by focusing on the fundamentals in the past. I know the market was very technically oversold and due for some sort of bounce here. But I think you stand a very good chance of getting burnt at the open of trading today, Friday, August 6. Let me tell you why: This Market is going to trade at the open based on the hourly earnings data. It sure doesn't look good. The ECI and non farm productivity were quite strong and weak respectively, along with the prices paid in the NAPM. Non Farm unit labor costs rose 3.8%, the highest since the 4th quarter of 97. Rising inflation and falling productivity are classic signs of stagflation ( the best environment for gold ). All indicators point to a very strong gain in hourly earnings, which could cause this market to strongly gap down at the open, eliminating all of yesterday's gains in a few minutes.

I may be wrong here and I know the technicals are not in my favor. But it is the deteriorating fundamentals that are now beginning to move this market from its Bubble State to its EVE Of Destruction.
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