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Politics : Ask Michael Burke

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To: Knighty Tin who wrote (32410)	9/9/1998 3:06:00 AM
From: PaperChase	Read Replies (2) of 132070

MB. The manic bubble is alive and well. I believe if a lot of hedge funds and even tech mutual funds etc. were in bad shape, we would not have seen this size rebound. It is much too large. So my guess is that once again the large cap market ignores all the Asian problems for the rest of the year. This type of sell off and rebound happened last year also. The bulls wait for the slightest bit of news to twist to justify their buying spree. (Some talking heads on TV are talking about how this huge rebound is great for the economy. Huh?) The Dow has retraced 600 points of its decline. That's good enough for me to conclude that the bears can't count on the broader market to help them out with their individual equity puts. The danger I see for a bearish stance is that the fund dumbs essentially ignore the coming earnings warnings and say the bad news is already built into stock prices. Same old bull. I know both you and Bill Fleckenstein were both looking for a manic return of the Dow above 8000. I just don't think it'll retrace much more to the downside. Thoughts? P.S. If Clinton resigns that might cause the market to rally. <G>

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