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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 692.24

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Jan 15 4:00 PM EST

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To: space cadet who wrote (17844)	10/1/1998 2:52:00 PM
From: Blacksmith	Read Replies (1) of 69809

>...looks as if Favors predictions might not sound so far-fetched. >A retest of the 7400 low would be completely normal of course. >It remains to be seen if his bearish indicators that forecast >6700 come true. I give him a lot of credit already. Right before the interest rate cut, almost all the comments I saw were very bullish, including some of the leading bears on SI. >Given that these earnings are due in another week and then >continue for the next month it's hard to see how the Nasdaq at >least could continue to fall even thru these great earnings numbers. >That has never happened, at least never as long as I have followed >the market. I am no expert, but look back in the past to what has happened when the market is at extremely high P/Es and money starts flowing out of the market. (I think you will have to look back further than you have been investing)

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