The Naked Truth - Big Kahuna a Myth Message Board

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To: MythMan who wrote (56430)	8/13/1999 6:40:00 PM
From: pater tenebrarum	Read Replies (1) of 86076

yes...didn't he call for a crash just a few days ago? nevertheless i am now inclined to cover my remaining shorts at the earliest opportunity...did some covering early today already. considering the market's violent reaction to the PPI we will probably have monster rally part two as soon as the CPI comes out on tuesday. if you look at the charts, all down trend lines have fallen by the wayside and some indices are back above their 50-day ema's. the only slight hope for the bears chart-wise lies in the trannies, utilities and the dollar index, all of which look still quite sick. but consider how overwhelming bearishness has become before this turn, usually that means a pretty solid bottom is in. also none of the indices have broken below their 200-day ema's (except the transports) and have bounced off support trend lines with all technicals deeply oversold. i just don't see anything on the horizon that could jolt the market at this time. the bond had a major reversal today and looks like it could keep on rallying, which will drag stocks along. i have seen too many false downside starts to believe that this is a bull trap. sure, it's possible, but i give it an 80/20 at best. sorry.

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