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Strategies & Market Trends : The Millennium Crash

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To: GROUND ZERO™ who wrote (1784)	12/16/1997 9:22:00 PM
From: bobby beara	Read Replies (1) of 5676

Hi GZ, Today's rally had the same feel as the rally two Friday's ago that touched the intraday October high and had backed off in the last 15 minutes of the day, then we had a 3.8% sell-off last week - though this one was much weaker. The S&P intraday broke the perfect right shoulder, but retraced and is now sitting on 968 for the right shoulder. There was a December break in 1968 and we are 68 years from 1929 - just playin by the numbers -ggg- Since the October lows the NIFTY FIFTY index of the largest capitalization stocks is up a WHOPPING 19%, while the Nasdaq is about flat to the 10/27 low. In the last week that rally has even narrowed MUCH MORE to the NIFTY FIVE, GE, KO, MO etc and TODAY we had a really big rally in SOFT and the techs. Microsoft slurps up beacoup liquidity. Fund managers are scared and only going for the largest "safest?" big cap stocks that they think will survive earnings decrease. Then we have the tech dipsters who are buying companys that may be out of business in 1 or 2 years. This has created an BIG illusion of a healthy market that is very unhealthy if you look at the summation index. GZ, I hear a big giant sucking sound, and most of the short selling traders will be off on vacation and having their positions unwound (maybe even bearx) This means a break will not be supported by shorts covering. (remember in 1987 Peter Lynch was on vacation - this year everyone was looking for this in October - now this vacation period is a logical position for this to happen) Everyone is talking a bear market in January or April or June and they are all still fully invested trying to get the last drop - even bears like Dines and Arch Crawford. This sounds just like what Galbraith described in his book. Merry Christmas and remember the Reason for the Season. Jesus Christ is Born! If my conclusion is right, many people on Wall St. & Main St. will badly need to know the reason for the season.

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