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Strategies & Market Trends : The Millennium Crash

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To: Mike M2 who wrote (3089)	8/5/1998 1:55:00 PM
From: bobby beara	Read Replies (2) of 5676

Mike, I still don't think oil will be a factor for now, the economic slowdown ahead portends to an oil glut, which is showing up in the pricing of drillers. I'll bet the drillers bear market has much farther to go. Shortages, I don't think will show up for years and there is acrimony among the oil producers unlike the 70's, so probably a rare chance of some kind of embargo. People running to oil is another symptom of the short term memory of the financial mind. Oil was a factor during the inflation cycle, but I don't think it will be a factor in the deflation cycle. I still hear all these bozo analysts say you have to have high rates to have a bear market - just look at Japan's low rate bear - these guys are way overpaid. We should be completing wave 4 by the end of today or first thing tommorrow morning. Then I'm expecting another sell-off, possibly even to the 970-980 area on the SPX, and 7800 on the Dow. bb

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