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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.19

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4:00 PM EST

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To: fedhead who wrote (28635)	10/7/1999 8:56:00 AM
From: pater tenebrarum	Read Replies (1) of 99985

Anindo, i don't believe that we have seen the highs for interest rates at all...the Fed is behind the curve, and the bond market knows it. yes, stocks can still move higher while bonds continue to plunge...but at some point the overvaluation of stocks relative to bonds WILL be corrected, and likely in a sudden and violent move. i agree in principle that it is bullish if the market advances in the face of bad news. however, extreme reality disconnect is just that...it works for a while, but not forever. what exactly makes you think that gold has topped out? imo it is consolidating and getting ready for the next leg up. since the threat of European CB's selling and leasing has disappeared, gold should be subject to normal supply/demand factors. and there has been a persistent and growing supply deficit accumulated over the years. without the CB's artificially pushing the price down, it should begin to reflect the supply/demand fundamentals. in my judgement we're still far away from equilibrium. regards, hb

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