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Strategies & Market Trends : Tech Stock Options

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To: Patrick Slevin who wrote (41141)	4/24/1998 11:07:00 AM
From: Robert Graham	Read Replies (1) of 58727

I consider "blow off" tops to be 100% sentiment driven, not liquidity driven. Prices are bid up in what amounts to a buying frenzy by the public monies. Actually the funds would be selling into this technical event. There definitely is positive sentiment by both the speculators and the funds who are driving the market. But we will not know the impact of the speculative element until liquidity dries up. Despite the positive sentiment by the public speculator, the major driving force of the current market is the funds through the liquidity they are providing. Still, the inflow of fund money may set the stage for further impressive gains generated by positive public sentiment. Bob Graham

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