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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 652.53-1.5%Nov 20 4:00 PM EST
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To: Crimson Ghost who wrote (36051)12/27/1999 1:34:00 PM
From: pater tenebrarum  Read Replies (1) of 99985
 
George, i believe we see some front-running of the expected bounce-back in January of the issues beaten down due to tax-loss selling. conversely, stocks that may be hit with profit taking in January are sold ahead of the event.
btw, does anybody remember how at the start of '99 many strategists were bearish arguing that it was statistically improbable for the market to deliver yet another year of strong gains after having gained so much in several consecutive previous years?
even Favors expected the market to hit it's high for the year in April back then.
how different things look as '99 draws to a close...not a peep from anyone as to how statistically improbable it is to have yet another year of strong gains. on the contrary, targets for the indices have been raised wherever one looks. Acampora, who expected a 20% correction in February '99 with the Dow well below 10K now foresees another 20%+ year just to give an example.
in fact not one prominent strategist sounds cautious at this time, with the exception of those that have been cautious for years now...the fully invested bears a la Barton Biggs.
well, i guess this doesn't mean much yet, but it is certainly worth noting - the bullish consensus clearly grows.

regards,

hb
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