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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: Les H who wrote (15096)	5/27/1999 1:31:00 PM
From: pater tenebrarum	Read Replies (1) of 99985

Les, this reminds me of my very first post to this thread. i don't remember the reply# for cross-reference, but the gist of it was that a rally in the neglected sectors would spark a 'broadening' of the advance, which in turn would be a big negative for the market, as the remaining doubters would throw in the towel and become bullish. essentially this is what has subsequently happened. the bullish consensus is still surprisingly high, in spite of the recent correction and the bear market in bonds. obviously the market's rebound from the october low has ingrained the belief in the bull's invincibility...a most dangerous side-effect. regards, hb

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