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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: LLCF who wrote (41518)11/28/2000 4:46:27 PM
From: pater tenebrarum  Read Replies (3) of 436258
 
'selling the airplane' is not pain...that's just getting rid of a superfluous luxury item. i have a hunch that he tries to play contrary indicator on purpose btw.

no, unless they're margined up to their eyeballs, they'll NEVER sell the lows, even though the market may keep going lower. but the first rally that isn't bought, the first rally they sell into, will be the real one.

in the meantime, everybody being alert for a low seems to be extremely counter-productive w.r.t. actually putting one in. it appears the brief ramp during the session was inspired by a rumor that Gore might concede. so if and when he DOES concede (a reasonable expectation, since he appears to have lost), we'll get a nice bounce to go thermo-nuclear on again. for the simple reason that the consensus is that we will, no, MUST rally once the election is sorted out.
there's also this perpetual rumor about HUGE amounts of money on the sidelines...which i find has little credibility. may be true for some funds, but certainly not the big, market-moving ones.

to come back to the issue of bullish despair, in a bear market it should at least reach a crescendo similar to the burst of enthusiasm at the top...i'm not sure we're there yet.
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