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Strategies & Market Trends : Steve's Channelling Thread

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To: Zeev Hed who wrote (11655)	2/23/2001 11:14:10 PM
From: Mike M	Read Replies (1) of 30051

George, i do not think we have the conditions ripe for a black Monday, ... It is difficult to imagine that the same thing could happen again... Folks have a tendency to focus on the negative differences between then and now, but there are positive differences too. The computer cowboys now have handcuffs. Markets stop trading at certain down intervals... etc For a market that was so manic a year ago, rife with companies w/billion dollar caps, little revenue and precious little hope for earnings in our lifetime (and those w/earnings carrying 300 P/Es)...we have had an amazingly orderly decline. Were it not for favorable demographics this bloodbath could have been a lot worse... Don't get me wrong it hasn't been pretty and it may not be over yet but, so far, it has been fairly orderly. P.S. I don't agree that AG is the fall guy. He undertook to stop this "runaway" economy with shock therapy at a time, I am convinced, it was beginning to unravel on its own. He just expedited the demise and then kept the punch bowl out of reach far too long. He gets his share of credit for our economic malaise.

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