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Strategies & Market Trends : MDA - Market Direction Analysis

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To: Daniel Joo who wrote (11681)	4/21/1999 11:23:00 AM
From: pater tenebrarum	Read Replies (1) of 99985

Daniel, i can put a different spin on the very same arguments: magellan, having rotated out, may have to rotate back into the tech sector if the stocks continue to rise, thus pushing them even further. reaction on the msft earnings is a normal 'sell the news' event. hedging AOL means uncertainty, which is a lot healthier than unquestioned uniform bullishness. yhoo selling off on good earnings is the usual reaction the stock displays after it's earnings are out, as it gets ridiculously overbought every time in anticipation of the report. i concede that this is an aging bull market and that the whole affair will likely end in tears. but a long term bull market like this one is a)hard to kill and b) will most likely end in a classic blow-off. look at the blow-off in japan '89, the u.s. market in '29, gold in '80, south sea co. shares in the 1700's, and you will realize that this last phase of the bull market may well still lie ahead. regards, hb

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