AUTOHOME, Inc Message Board

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Technology Stocks : AUTOHOME, Inc

ATHM 23.31

-0.4%

10:44 AM EST

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To: Jack Hartmann who wrote (22322)	5/18/2000 12:12:00 AM
From: ahhaha	Read Replies (1) of 29970

Sentiment rises with rising prices, peaks at the top and declines with price until at the bottom sentiment is most negative. Sentiment is not influenced by any other factor like economic or monetary ones, for you can have good economic and monetary conditions, yet sentiment is low. This is precisely what is happening now. In March price broke and ran because price was excessive and was all built on speculation of how good things were. Things haven't changed. Price didn't fall because there is economic duress nor did it fall because interest rates are perceived to be high. These are inventions of the explanative mind. There's lots of people earning big dough engaged to explain why 2 + 2 = 3. They have to explain that no matter what and whatever nonsense it requires. How could the stock market ignore all the interest rate advance in the last two years and suddenly recognize that rates count? You would have to believe that the stock market discounts the past and you can't permit yourself to do that. Further, can't you see that when FED raises the fed funds target they have to defend that target by pumping in a lot more money than they were pumping? If they don't, a lot more buckets will hit the skids and that is against Humphrey - Hawkins. This has the immediate and salient effect of causing the stock market to rise. This is gradualism and it's equivalent to throwing gasoline on the fire. The stock market doesn't care if there's hell to pay, because that is later and this is now. Watch how fast that cash runs up stocks and negative sentiment disappears. Guess you weren't around for the last 3 equivalent circumstances in the last 3 years.

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