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Pastimes : Ask Mohan about the Market
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To: Cynic 2005 who wrote (9877)12/1/1997 3:57:00 PM
From: Zeev Hed  Read Replies (3) of 18056
 
Mohan: I am not sure about the next move down, it might be much milder than I expected. The stallwarts of the market are repairing major damage (INTC is breaking up very nicely and so is DS and maybe even MU might be able to recover to the mid 30's before earnings are announced). Then you have CSCO roaring to new highs, and even the baks are participating in this party. I think the bond might indeed break 6 and add fuel to the fire. Got to step away and let this train pass by, it is too dangerous to step in front of, rational or irational exuberance.

What are the fundamental moving this market? Well low interst rates and reduction in fear of the Asian collapse (justified? I am not sure, but it seems that to the extent that treasuries are being sold to reliquify the Asian systems it is done gradually and the market is absorbing it well).

Anoither cheerful note is the Christmas season which appears to be starting fine.

And then, lead by INTC the sox is reviving.

If you insists on shorting I think the best cadidates are those stock that are not showing much life here (the one I recommended to Kelly to short last week, the semi caps). However, I would wait for recoveries into the high 30' for AMAT and similar recovery numbers for the rest. They could join the party at its tail end before they resume their downward trend.

Zeev
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