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Pastimes : The Naked Truth - Big Kahuna a Myth

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To: pater tenebrarum who wrote (65498)9/30/1999 5:18:00 PM
From: Defrocked  Read Replies (2) of 86076
 
There are far too many (which is bearish) commentators
and thread denizens saying "Too many bears are looking
for a decline" or "This market will bounce again" or
"The wall of worry...blah,blah,blah." The fact is
the vast majority of investors are tremendously long
with large unprotected gains. The bulls are
complacent and expect bounces. Moreover, even the bears
are conditioned to expect bounces on any declines. The
US equity market is "set-up" for a crack
because the super-majority of investors, bulls
and bears, are all looking for a bounce despite rising
rates, a falling dollar and no fundamental value supporting prices.
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