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Strategies & Market Trends : The Stock Market Bubble

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To: bobby beara who wrote (1270)	8/28/1998 12:26:00 AM
From: Bill Wexler	Read Replies (2) of 3339

I have to disagree. I'm covering or hedging (with options) nearly all of my short positions. I'm also going to be buying heavily. The U.S. economy has not changed much except for some drag on corporate earnings due to the Asian crisis. I think we have reached a major inflection point. All the major indices have taken massive hits (the transports are down 25% off their highs, the S&P got clobbered, and the small caps are IMO at or near the bottom of a gruesome bear market). Money has never been cheaper to borrow, and I don't see any evidence that we are anywhere near a recession. Thanks to the events of the last few months - a lot of speculative excess has been wrung out of the market. Even though I don't consider myself a "dipster", I think that the market is headed higher.

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