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Pastimes : Trading the markets.....

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To: GROUND ZERO™ who wrote (4558)	7/21/2001 9:56:20 AM
From: robert b furman	Read Replies (3) of 4583

Hi GZ, The Naz 100 are congesting in a descending wedge that looks and feel awful but usually leads to bullish liftoffs. The s&p is bumping its head and faltering on the breakout. I think these markets are taking every bit of profitability reports and tainting them with - "but what are you doing tomorrow and its never going to be good again".These are the dark visions of a bottom being once again whispered at the lower range of a consolidation/congestion period. We are being stalled awaiting the inevitable good effects of the fed's money easing - but we have to make it thru the well documented lag period. Heck even bill's long - I rest my case. This is just a last minute stocking of the train with fine champagne - cause the party's gonna be a good one.The longer they load the train the better the party. The naz hangs like the sellers were shook out long ago.Whenit gets cheap the buyers can't resist bottom feeding.This is the later stages of accumulation. All we need now is greed amongst the institutions - to quibble over the last of the cheap prices. What could start such a feeding frenzy?? Well I say it takes a little meat being thrown into the ring. Yup another 1/4 point rate cut - treasuries trading below 3.5 and the fed funds rate charges 3.68 - that results in cheap money and liquification. This ole bear has bit a bunch in the behind and takes a while to get over.In between money is cheaper than its ever been and we Americans love to spend it. New highs and new lows look good.Small businesses that do retail business in USA are doing well. Once the inventory imbalance works its way out - we're going to the moon.This trains not going in reverse - we're just loding up for the party. Notice nobody is getting off??? NDX is a very resilient index of late - 1600 has been tough support and 1400 was the bottom. I'm hoping we hold here - it would change perspectives quickly. BWDIK Bob

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