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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: westpacific who wrote (1760)1/18/2001 8:04:56 PM
From: tradermike_1999  Read Replies (2) of 74559
 
After the close Microsoft reported and met analyst
expectations, but warned that because of the economic
slowdown and drop in computer sales that it would not
be able to make the earnings this quarter that people
expect. You would think that this would be bad news
for the market, but Microsoft is trading up now in
afterhours following the announcement.
The earnings that have come out so far this year have
made a barrel of rotten apples taste good. Investors
apparently don't care as long as they look ripe. It
doesn't matter what is inside. They think that someone
down the road will pay a higher price for them. At the
moment everyone seems to believe that the market has
bottomed and greed has replaced fear. People are
ignoring fundamentals and buying on hype. When
everyone is bullish it is time to be cautious, but it is
clear by today's action that the downtrend is over. This
is the time to buy breakouts and look for investment
candidates. It is not time to short. We are now in a rally
or consolidation phase. It will take several months to
find out if this is a real bottom or just another bear
market rally. I believe right now that the coming rate
cut is the main engine driving this rally. People are
positioning themselves ahead of it. What happens after
the Federal Reserve cuts rates in January will be telling.
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