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Pastimes : Ask Mohan about the Market
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To: Chip McVickar who wrote (7520)11/10/1997 12:28:00 PM
From: Jack Clarke  Read Replies (1) of 18056
 
Chip, Arch Crawford came on about 1145EST. Had to wait for the glib comments of one WJ Clinton spinning his defeat on Fasttrack. Anway, Mr. Crawford didn't have too much to say. Basically that he expects at least a test of the lows. He had apparently told Ted David Friday that if 6900 is taken out, the downside risk is "unlimited". He thinks the Dow stocks are oversold relative to the rest of the market and that these are the stocks foreigners and money managers are apt to buy when the Naz is in freefall. He worries about the Japanese banking system's potential for failure since they are stretched thin supporting their own stock and real estate markets. He's looking for the overseas mkts to be the catalyst for the downdraft here. After the test of the lows, he's expecting a bounce into December, then more downside action.
FWIW, he thinks there are astronomical considerations which make this Friday a potentially down day -- also Thanksgiving day when our markets are closed and the foreign mkts may move. "The stars are active and there is lots of planetary activity. Pluto is in conjunction with the moon and Pluto is associated with actions by Saddam Hussein and also with debt."
WHEW! That's what he said. I personally can't argue with his scenario, but I have doubts that Pluto (or Mickey Mouse) will be the cause.
Hope this gives you the info you were looking for.

Jack
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