Everyone.
I thought you all would enjoy this commentary from the Dorsey Wright Money Management firm:
The View From The Coast - Money Management Update
The market right now is exciting--and treacherous. The positive side of things is that the NYSE Bullish % and the NYSE High-Low Index, among others, have turned up from oversold levels.
This has typically represented a good buying opportunity in the overall market. As usual, the news environment near a bottom is extremely negative. Asia and Latin America have already hit trees on the slope and Europe is stepping into ski bindings. Even Nobel Prize winners have discovered that borrowing billions to go long emerging market debt and short U.S. Treasuries, with little side bets in takeover arbitrage and hurricane reinsurance, is not market neutral. They random-walked right off the cliff. Clients, understandably, are nervous given the barrage of news. Try to get them to focus on the bigger picture, which is quite positive. There are never any guarantees in the stock market, but it's a lot more enticing to buy fundamentally and technically sound stocks now than it was a few months ago.
When we open for business on Monday, October 5, the money management division will have a new office. We are relocating to 4 East Holly Street, Pasadena, CA 91103. (Any brokers who have clients with us have already been notified so that September statements will not be delayed, so this is just a reminder.) We will provide the new telephone numbers as soon as they are installed. Our electronic mail address BullBear99@aol.com is unchanged, so you can always reach us there.
Dorsey, Wright & Associates' money management division is based in California. Mike Moody and Harold Parker can be reached through October 2 at 909-626-9666. |
