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Strategies & Market Trends : The Millennium Crash

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To: kahunabear who wrote (1454)	10/28/1997 2:34:00 PM
From: tekgk	Read Replies (2) of 5676

Britt, I went back to the sidelines as well this morning. I have been active on SI, but, I am planning on cutting back. There are way too many people jumping up and down yelling victory and defeat after a one day moves. The name calling is also getting more frequent. This lack of maturity wastes a lot of time and is getting irritating. A forum where you stick to what, how much and why would be nice. >> I think we need to see earnings damage before the real bear sets in It takes time for 15 years of bull market psychology to change. Earnings will be impacted by recession in Asia and this will keep a lid on the rise. I think that world wide money flows are a factor that are at least as important as earnings. Net inflows from foreign CB's stopped in June. The flight capital has moved already. Now it will up to domestic investors to hold up a market with an average PE of 23. There are also lots of new issues coming out (about 5 billion a week in the last few weeks). It will be hard to play this market long or short until the psychology changes.

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