All Clowns Must Be Destroyed Message Board

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Pastimes : All Clowns Must Be Destroyed

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To: eddie r gammon who wrote (27144)	4/17/2000 7:51:00 PM
From: patron_anejo_por_favor	Read Replies (1) of 42523

From Michael Donohue, Chief TA dood at Cowen: Michael Donohue, Chief Technical Analyst, SG Cowen & Co.: "I see things rather bleakly, and I don't think that Friday was the end. I would expect the market to go lower because we are liquidating margin debt, and stocks are still very richly valued. We've had a five or six year run in the market depending on how you want to count it, and I don't think the Central Bank will ease for some time. "So, I think it's a very bleak outlook. I would urge people to lighten their positions and have no margin debt. I think the put/call ratio Friday was terrible for a down day like that, and I think people are basically still optimistic. What they're doing is they are remaining optimistic on a high valuation market with the Fed tightening after it's broken. Historically, that combination has been poison." Got hemlock?

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