John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: ajtj99 who wrote (9371)	5/8/2008 8:06:14 PM
From: John Pitera	Read Replies (1) of 33421

Great analysis, I agree. when things are parabolic just let them go until they are done. If we look at a lot of the "smart money" that stayed out of the NASD in 1997 and 1998. Money that knew it was a mania; many of those smart folks ended up buying tech and net stocks just because they figured they could get out before the top. The first Decline from March 10th seems to catch even a lot of the savvy professionals on the long side or with more longer stock exposure than they wanted, but when we had the summmer rally into the Sept 2000 top that was when the many of the hedge funds and smart money knew a bear market was in the works, the top was in, the yield curve was inverted several months prior and it was time to be underinvested in stocks or short; largely depending on the mandate and stated objectives of institutional money managers. John

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