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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 660.19

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4:00 PM EST

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To: Clint E. who wrote (25921)	4/4/2000 5:44:00 AM
From: Johnny Canuck	Read Replies (2) of 68093

Hi Clint, We have had about a 16 percent decline in the COMPX since the high. So by definition this is still only an adjustment in the market not the beginning of a bear. Something worries me though in that we all seem a little too bullish on this thread despite the fall off. While it is true relative valuations have improved, the leaders are still way overpriced be any traditional measure. It seems we have all been conditioned quite well to buy the dips, maybe too well. I don't sense the same degree of panic we have seen in the past. My broker indicates most of his clients sold out last week to lock in profits or stop losses and have shifted into other stock that are now rising. Have we all gotten that good at believing the long term trend is always up or is a bigger fall coming? I am just thinking out loud.

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