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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 683.00+0.2%Nov 11 4:00 PM EST
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To: Terry Whitman who wrote (8381)3/17/1999 9:14:00 PM
From: Saulamanca  Read Replies (1) of 99985
 
A summary of what Joe Granville said on CNBC today:

Joe Granville, Granville Market Letter Bearish Confessions

Granville predicts a dark outlook for the market. All indicators bearish, pointing south.

Joe says: The whole DOW 10K issue is just a big trap. Most stocks topped out in January 1999 and there are few stocks
holding up the market right now. He remains bullish since his turn-around in November 1998. Get a book of charts and look
for patterns. Decline proven by the advance decline line.

There was a false rally in February 1999. Joe expects it to go straight down in March.

Joe says it is time to put a lot of your money in T-Bills, Money Market accounts and put options short in IBM ATT&T and
Phillip Morris (MO).

Advance decline line will out in the end because it reflects the market. Don't turn your back on the advance-decline line or
you will live to regret it.

The market reached 10K but only 65 of 3000+ stocks reached new highs. Joe thinks that is a miserable showing. Most of the
rats have left the ship and it is going to sink.

Joe has the highest confidence he has had in 42 years that the market is bearish.

There is always bull something. You should sell what everyone wants to buy and buy what everyone wants to sell. Nobody
wants energy stocks or Gold.

netcognizance.com
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