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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 671.91

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Nov 14 4:00 PM EST

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To: StockOperator who wrote (13868)	5/14/1999 11:54:00 AM
From: pater tenebrarum	Read Replies (3) of 99985

SO, considering the drubbing meted out to the long bond, the stock market looks quite resilient. i'm not yet ready to erect my tent in the bearish camp. as i have mentioned in a previous post, some of the bullish sentiment expressed by various analysts and fund managers needs to be taken out, and if the current weakness helps to achieve this, i would be more sanguine about the market's health. admittedly it is not easy to adopt an outright bullish stance amidst the revival of inflation worries and i am accordingly hedged left and right. but i don't think outright bearishness is as of yet justifiable. put/call ratios have been improving lately and it is rare for sharp declines to happen when they are doing so. the gravest danger visible to me is for the intermediate to long term outlook, due to the persistently high bullish consensus among newsletter writers and the many parallels between today's market environment and that of 1987. regards, hb

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