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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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To: Crossy who wrote (3157)	4/11/2002 5:59:00 PM
From: Crossy	of 37387

On today's market.. Today's market closed down more than 2% on a rumor that IBM might be the subject of a SEC investigation into its accounting. However after hours the public learnt that the SEC has already closed this investigation. So the market tanked "in vain.". I regard the current market mood "desparation" as absurd. To me, today is a perfect example of my shaking out the weak crowd scenario. The market tanked on a total CRAP of news. A rumor of a phony "SEC" insight newsletter. Hey even you or me could start such an outfit puring crap all over. But this kind of double-cross is exactly what those timid "investors" deserve IMHO. This shakes confidence in the market up to the point where there is no hold-back and finally the market will not have any bounds to its movements. IF this goes on (and this mood looks pretty engineered to me) then this is the opposite of the bull trap in MArch/Sumemr 2000 to me.. It looks as if a bear trap is being opened. Today's volume was average whille the VIX had another spike... So the whole market tanked because of a false rumor on ONE company. Absolutely nuts. Unbelieveable. The "accounting" watch taking its toll and taking its mission to absurd extremes. Maybe the next leg up would be to literally blame and punish those "messengers" with new type of editor/disclosure rules.. Nothing would surprise me now.. The whole situation is totally ridicolous to me. If you look outside you have signs of recovery painted all over the place. All data support this. Consumer spending is up nicely. Inventory is removed from the warehouses. Invesntory stocks are near an all time low. Companies however tend to be rather sceptical. Not directly "plowing" thru new orders but trying to stretch them out as far as they can. It seems they don't believe in the current climate. The last time we had this over-cautious bizownes was in the early 90ies. And while consumers are spending like hell, business are more shy. But the market is absolutely self-centered in its pain "exercise" and literally using any excuse to correct. How long will this absurd sensitivity go on ? I don't know. One thing is sure. Main street beats the tune. The market can't refuse to dance forever.. rgrds CROSSY

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