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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 686.10

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Feb 4 4:00 PM EST

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To: Benkea who wrote (23140)	8/16/1999 5:35:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Benkea, because it does not yet 'feel' like a true blow-off...i am waiting for guys like Prechter admitting their wave counts to be wrong and projecting much higher prices after all, i am waiting for a p/e of 100 on the S&P, i am waiting for JNPR to reach a market cap of $30bn. etc., and all on record volume if you please. only when the shorts are finally irrevocably and utterly destroyed will the mania end.we probably ain't seen nothing yet. however, i can not dismiss your point entirely...the party could just as well begin to end tomorrow - there is simply no telling once a market has left all traditional benchmarks of valuation behind. the Fed has allowed this to happen by increasing the money supply by over 200% in less than a decade - this is appallingly irresponsible imo and history will probably judge easy Uncle Al rather harshly, in contrast to the all around admiration he enjoys today. regards, hb

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