Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	7/12/2002 8:05:44 PM
From: SliderOnTheBlack	Read Replies (4) of 36161

re: in "anticipation of" vs. in "reaction to" - One of the main reasons I dipped in long here was that Greenspan testifies before the Senate Banking Committee on Tuesday. This article touches on a couple of important points: biz.yahoo.com Greenspan is in a position where he MUST rally the markets and I think the reason we didn't see a strong prop job today - is because it's coming tuesday and it's going to be a Big One imho. - watch Alan Greenprint (my new name for him...I think it's appropo given the money supply ramp) talk up the still strong consumer spending, the housing numbers and emphasize the "turn" he see's in Manufacturing. - the PPT will then "gun" the futures during his testimony triggering a major rally imho. Give me a 20%-25%ish DCB in what I bought and Ka-Ching ~ Earnings numbers coming out will determine if the rally sticks... and it will only stick if Q3 earnings numbers also continue to support a turn... if they don't... BLACK OCTOBER is coming... and we'll be ridin' the Yellow Train at full capacity once again. Maybe the economy has turned, maybe it hasn't. It's going to be about Earnings and whether the turn will be sustained in Q3 .. if so - maybe we've seen the bottom; if not... Greenspans donning the Cheerleader Skirt and Pom Poms Tuesday - so at the VERY LEAST... we've got a DCB trading opp imho....and another opportunity to ring the register and once again step aside to CASH ... and await what ever the market chooses to give us once again. My "short term" money is on Uncle Al & the pom poms on tuesday ~ But, as far as my "longterm" money is concerned - this market is far, far from out of the woods here and even a nice rally sustained untill Q3 earnings are reported doesn't mean we don't have another signifcant leg down in this BEAR... and that's why that last 15% Gold/Silver Stock position of mine will be harder to pry from my cold dead hands than Charlton Heston's Remington (vbg). ...Pom Pom Tueday will be interesting.

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