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Strategies & Market Trends : The OEX... gasp!
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To: Stuart Briscoe who wrote (164)12/10/1996 6:19:00 PM
From: Jerry Rosenberg   of 658
 
Stuart;

I agree with all you have said. I note that you wrote this morning.
As of 2-3 PM the market began to slide with the release of the
retail figures. I think tomorrow will be a down Wednesday, for several
reasons.
First, the release of the retail figures. Second, HUGE put
volume from 3 PM indicates the street is preparing for PPI. The PPI will be released at 8:30am. Third, the Bonds were very weak this
afternoon. Fourth, CPI due out Thursday. Fifth, and most important
the street wants a correction.
For the last four weeks everyone has been talking about "How important it is to have a correction" all the while putting it off as later
(JAN-FEB) rather than sooner.
Many novice investors are expecting to take year end profits or after new year profits to delay the taxman. A FATAL ERROR. The people on the street want to lower the value of those paper profits by borrowing those shares and selling them short. When the value is depressed
they will return them to the novices. This must be done before the
end of the year. As another "round" of novices are expected to pour
more bonus money into thier coffers. They dont want to spoil it. In fact, I expect that they will tempt them with "NEW" lower prices!
"Lower" prices are about to happen.

jerry

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