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Strategies & Market Trends : The Millennium Crash
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To: tekgk who wrote (1456)10/28/1997 3:07:00 PM
From: Joss  Read Replies (1) of 5676
 
Hi Tekgk,

<<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.>>

I agree, Look at the 72-74 markets. Slow slide with bear and bull traps all the way down. If that is what we get, it will be harder to make money on anything other than a couple week move. Those who have learned (long or short) to take a position and hold it get damage done to their net worth. I am still hopeing that this will not be our long term market.

Steve
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