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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Terry Whitman who wrote (83069)1/11/2000 9:52:00 AM
From: bill meehan  Read Replies (2) of 86076
 
TW, that was dated last Wed.--way out of date in the New Era. <g>

Excerpt from my comments last night:

Could we have seen an entire year's or quarter's cycle played out in six
trading sessions? We've already seen what has historically been a year's
worth of returns in some groups and several year's worth of action in many
individual stocks before many of us have yet to get used to writing the year
as 2000 on checks and memos. The rotation into groups other than tech was
building nicely until yesterday's techcentric action made it almost look like
the end of 1999 all over again. (Although it's obviously way too early to
call the rotational action dead, I still believe it's unlikely to amount to a
meaningful investment story if the bond market doesn't cooperate. And the
yield on the long bond backed-up to 6.59% yesterday, with the charts saying
rates are going higher.) The Dow's modest 49-point advance made for
consecutive record closes, but last year's best performer, AA, failed to
generate any gain after handily beating expectations and announcing a 2-1
split. (Splits outside of techland just don't have that same oomph.) And
the SPX's 16-point advance was basically a function of the moves in its tech
components.
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