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Strategies & Market Trends : Roger's 1998 Short Picks
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To: jaall who wrote (17551)2/24/1999 2:15:00 AM
From: Graeme Smith   of 18691
 
Jaall,

Market breadth has been poor for the last month, meaning that even though the major indices haven't dropped by much, the average stock price has dropped significantly. If it continues for much longer investors will turn towards fear. However I'd say there is still some chance of another leg up, though I'd bet on the former not latter.

I wouldn't suggest getting out of all your longs. Instead just go to a 50/50 mix of Long and Short. In the current market even if there is another leg up, it will probably be restricted to big name, high quality stocks. Weak shorts will go down whatever direction the market goes.

In terms of looking for market direction, tomorrows probably a significant day. I wouldn't be too surprised if there was a significant drop in the market.

Graeme
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