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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: Tim Bagwell who wrote (2107)11/12/1997 11:20:00 PM
From: mister topes  Read Replies (3) of 42834
 
Thanks for the tip on the November Marketimer market timing
strategy. Brinker said over and over on Moneytalk that this
correction would produce a major test and now we all know what
he was talking about. Despite everything, however, as of
Wednesday night the S & P 500 is down only 7.8% from its all
time record highpoint of 983 a few weeks ago. By historical
standards this is a rather modest correction no matter how you
look at it. Since the S & P 500 represents 70% of the U.S. stock
market, it is the obvious market benchmark to watch closely.
Also interesting to note that the S & P 500 is now down to
about 18 times estimated 1998 earnings which provides some
potential upside for the market multiple coupled with low inflation.
This feels alot like the July 1996 and April 1997 short term
corrections of about 10% and could pave the way for renewed
bull market action in the months ahead. When the turn comes most
of the cutesy short term in and out traders will disbelieve the
turn and be left behind earning money market returns. For me,
page 2 paragraph 2 sentence 3 sounds about right. If it works it
will be three straight buying opportunity calls in 17 months for
the Starship Commander. As the November Marketimer quote clearly
says..."stocks tend to fluctuate".
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