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Pastimes : Ask Mohan about the Market

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To: Rational who wrote (8163)	11/16/1997 7:19:00 PM
From: Zeev Hed	Read Replies (2) of 18056

Sankar, I doubt the tech stock rally had anything to do with Japan. I think it was a combination of over bearishness (see the SI sven days average bull to bear ratio making a new low under 1 Friday) and gutless covering. Pure internal dynamics. This get few gutless to cover and start some dipper to jump back on and "average down". Think this side is running outt of ammo quite rapidly, so the only good source for good rallies are the gutless. If theU market wanted to listen to Japan they should have noticed that overnight the Nikkei broke the 15,000 barrier intraday (and I was counting on that for my close under 7400, zut allors, got the cause right, but somehow, the locical conclusion failed to ensue). Zeev

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