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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: Dan Duchardt who wrote (15243)12/2/2002 7:02:31 PM
From: Steve Lee  Read Replies (2) of 19219
 
Nice to see some other words of reason as confirmation I am not the sole foreigner in fantasy land! Some here would have us believe that this morning the Nas gapped up 29 pts to a 6+ mth high without news on a large number of individual traders at random deciding to buy stocks in the premarket.

And the fact that this happened 90 minutes before the release of bad economic data is just coincidence. Same coincidence that has accounted for 201 pts of the recent 309 pt Nas rally occurring while the market has been closed. i.e. gaps up manufactured by the supposedly imaginary PPT.

Of course, the banter on this thread about whether the PPT exists or not doesn't matter to those who know of its existence. The final totting up of the brokerage account is the only scorecard that matters. There will be much gnashing and wailing of teeth amongst those who buy into the new bull market theory so good job for them there is no real cost to see their paper gains eroding.

BTW, the idea of "paper gains" is BS. If your net worth was X at one point and is now X/2, then you have lost a substantial portion of your prior wealth. Any attempt to wriggle out of that is head in the sand denial.
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