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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: horsegirl48 who wrote (7512)10/12/2000 7:30:53 AM
From: sam  Read Replies (2) of 65232
 
Agenda, agenda, agenda. A number of these letter writers are clearly short the market (as are some of the major hedge funds)...so I suppose they have a vested interest in wanting the market to continue to go down. Just as those long want it to turn back up right here. In addition, many so-called professionals are bitter that technology had such a great run and that fundamentals were being "ignored" for so long. Without them, for the most part. They point to the internet bubble as proof that fundamentals were entirely out the window last year...and they have a very valid point in many cases. As such, they desperately want the fast money and momo crowd to get bitten by the bear. Every time the market drops the same rhetoric reappears. The guys on the NYSE floor cannot help expressing their glee that the Nasdaq is tumbling...just as they try to sell us on their own crap. Consumer cyclicals, et. al. The "bargains." The only tech they know even the slightest about are second-rate former market leaders like T, LU and IBM. Talk about being outta touch. ;) This is not to say either that the Nasdaq has double bottomed...or that it has further to go (though the guy on CNBC this morning claiming the Nasdaq is going to 2000 is being a bit fantastical imo). These guys -- in toto -- control a heck of a lot of capital. Lots will depend imo on earnings (who says fundamentals don't matter ;), the election and liquidity. All this said, my personal view is that if we rally strongly before end of year then next year will be rough...and, conversely, if we struggle for the rest of the year next year will be a banner year. bwdik
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