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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: accountclosed who wrote (26851)3/22/1999 5:18:00 PM
From: Lucretius  Read Replies (2) of 86076
 
yea, it was also up quite a bit back in early Jan and then look what happened... -g-

the importance of MO (to me at least) is that it shows a lack of liquidity due to the fact that it has crashed the way it has... other examples abound (ORCL, SFSK, etc) Bad news hit these stocks, but the key is the degree in which they dropped... 6 months ago those initial dips would have been bought... now they are getting sold. MO already forcasts a substantial decline for the large cap world IMO, a breach of 38 would likely send it to the high 20's which is along its 1982/87 bull mkt beginning trendline. The corresponding value of the DOW is around 4000. A visit to the high 20's by MO (being a large well-known blue-chip co.. albeit w/ probs) would tell me, that there isn't enough strong hand money around to buy the DOW until 4000.
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