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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Wally Mastroly who wrote (1133)9/21/1998 6:10:00 PM
From: Justa Werkenstiff  Read Replies (1) of 15132
 
** Saturday Summary **

I thought Lars was going to do a summary but he is stuck in the replay mode with the video tape and is wondering what Monica has that he does not.

Summary:

Brinker was looking for a short term rally from August 31 lows. And
then expected backing and filling thereafter. This process would
tes out the general area of the prior lows on reduced volume,
trauma and selling pressure. He thinks that is exactly what we are
seeing. He could not be more delighted with the recent action in
the market. DOW gained 100 points for the week and closed above
8000 on a closing basis on one day. S & P gained 1% this week to
1020 and is 6.6% off the lows. Now about 14% off the highs. Notes
it has been a six or seven week correction. Notes NASDAQ is about
11% of its lows. Backing and filling for the "coming weeks" and
then a resumption of the long term bull market. When the rally
resumes within the next few weeks following any additional testing
and probing of the general area of the lows, we will see DOW 9500,
S & P 1210 and NASDAQ well over 2000 within one year. You know the story: happy campers and watermelon smiles. Last week: NYSE 2177 advanced and 1243 declined. Two weeks in a row of advances well over declines. Treasuries are all time modern era lows. Sees 20% gain in DOW and 121 on the SPY and close to 20% and NASDAQ.

According to Brinker, we are very, very close to the end of this correction. With the exception of some backing and filling that we may see, Brinker thinks we are going to new highs within the next year.

History tells us there are some really big up days in the
resumption of bull markets.

According to Brinker, the reality is that there is not much more that Clinton can do to this market. Not much more Russia can do this market.

Does not see bears getting a more favorable opportunity to get in
at lower levels than where they got out at the lows.

He considers himself a lone voice in the wilderness who is bullish.
Surprises to the upside.

Personal note: The Y2K calls are getting old. How much can you say about this topic that has not been said before? (Sorry Wally <GGG>)And I cannot take anymore calls about the difference between SPY and index funds, at least not every weekend. Maybe I just should not make it a point to listen to the entire show. I am getting too sensitive <GGG>>
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