*AV* -- This was worth posting then and how appropriate now. Thanks Patrick. Yep, its one of the oldies I hadn't responded to, oh Prophet Slevin.
To: Andrew Vance (10363 ) Tuesday, Dec 16 1997 8:37AM EST
I 'snipped' this from a Gene Inger commentary....Thought you might have interest.
The forward progress of the Bank Index in the comeback is helpful to restore
confidence in such a move, if even superificially. The same can be said for the full
roundtrips, and then some, by the Semiconductor Index (SOX) and Nasdaq 100
(NDX), that exploded so magnificently this afternoon. We remarked (as did some
media) at the fairly absurd timing by more than one major firm on the Street that cut
major computer and tech stocks to "holds" from "buys" this morning, after some have
spent weeks or months putting in very significant declines, or at least consolidations.
My early quip was simply that this was probably setting the stage for some sharp
short-covering rally, but that (just like the overall market view) this comeback would be
somewhat temporary in nature. (More trouble expected in 1998.)
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Andrew<GGG> |
