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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (2716)1/6/1999 9:40:00 PM
From: Justa Werkenstiff  Read Replies (3) of 15132
 
** Market Commentary ** We have seen the worst of times in September and October where nothing went right to times like today when nothing can go wrong. Nobody cares about impeachment or any other wrinkle. That's the way it works in a raging bull. You will recall that the put call ratio was closing above 1.10 around the bottom. Well, today it closed at .46 and has been below .50 quite a bit the past few weeks. You will recall that at the bottom we did over 1.0 B on the NYSE and NASDAQ. Well, today we did 986m on the NYSE and 1.2 B on the Nasdaq on the upside. You will recall at that bottom there were no buyers; today and yesterday there were no sellers. At the bottom, the sentiment reading was .53 or so; the past few weeks we have been hovering around the mid 60s just shy of the .70 borderline. At the bottom we had an easy Fed.; today we have an ambivalent to neutral Fed. as shown by the minutes of the November 17 meeting and by comments coming from some board members. We have waves of liquidity hitting the market now that will slow down when this seasonal factor fades by the end of the month; in October liquidity could not be found. In summary, we have the complete opposite of what we had on October 8th.
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