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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: marc ultra who wrote (7913)8/19/1999 7:43:00 PM
From: Justa Werkenstiff  Read Replies (2) of 15132
 
Marc: I would not count this as a failed test. IMO, any test of the highs should be viewed carefully after the Fed. does its dirty work. Brinker said last weekend that we could have some residual backing and filling and I think we are having it. I recall this whole scenario from 1994. The market worried about tightening and corrected in anticipation and then rallied after the fact. This happened three times. Same deal with the June tightening. I understand your focus on the DOW, but Brinker was of the opinion that it would make new highs for sure. And so I think the Dow sneaked passed the line momentarily. In any event, nothing should count (IMO) until after Tuesday because the Fed. can move the market in either direction. I would not be at all surprised to see the market rally before Tuesday in anticipation of the rate hike.
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