Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Market Tracker who wrote (8773)	5/15/1998 7:53:00 PM
From: Market Tracker	Read Replies (1) of 18691

Written from a long's perspective - Stock market breadth these past 2 weeks is not confirming the new highs recently set by the Dow. The gross divergence between the S&P 500 and the advance/decline line is beginning to look very menacing. These divergences, in the words of the late Howard Cosell, are taking on "world class" proportions. The internals of the current market are becoming very soft, and cannot be ignored very much longer. Soon the technical traders will begin pulling in their sizable horns, or the new powder keg developing in India/Pakistan could escalate. We can't forget about Asia either, but that one's just not the news d' jour. What we are seeing IMHO is a total, liquidity-driven market. Speckles of rampant speculation have begun to appear. These major speculations even have their own little rotating sectors, with a "new issue" or two thrown in every other week. The internet has expanded the speculative horizon beyond prior limits known to mortal man. The total value of all funds invested and managed worldwide over the internet must be awesome. -- Look out Magellan Fund!

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