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Pastimes : Ask Mohan about the Market
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To: MythMan who wrote (11925)12/19/1997 4:03:00 PM
From: Tommaso  Read Replies (1) of 18056
 
Well, I did look now and there's a little slippage towards the close, it appears.

Just maybe on Monday morning some of the pension fund holders will pick up the phone and shift some of their stock money into money market or bonds.

With mutual fund cash balances as low as they have ever been, a slight shift in sentiment could make a huge difference. There doesn't even have to be that much money changing hands--just an unwillingess to put more money into equities. Three straight weeks of outflows from equity funds could start a real cascade.

But with an entire generation now investing who have never seen a really sickening and persistent decline, there are a lot of people who can't conceive of this Titanic as anything but unsinkable.

But the 1969-1974 bear market took that long to completely unwind, and so may this one--especially without a Vietnam War tearing the country up. Right now we have all the classic signs--as some of us inveterate bears have said over and over--but a confirmed bear market is not yet here.
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