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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jon K. who wrote (26960)	9/24/1999 1:28:00 AM
From: Dwight E. Karlsen	Respond to of 99985

Jon, futures are being sold off. Your feelings that this is a critical juncture are correct. This whole overvalued bloated pig is the fault of...irrational exuberance, i.e. the internuts. The James Cramer article posted earlier said it very well. We've all known that the emperor has no clothes, it's just that now we have a well-recognised Wall Streeter come out and say it. I might add that JJC himself bought AMZN in late Oct. of 1998, and so participated fully in that stocks parabolic irrational explosion upwards. And he wrote many a column justifying the valuations placed on the inuts. I don't consider his column today to be "repentent" at all, more like a cat saying "I ate the canary, ain't I bad; but all you other cats out there, you better stop eating canaries". Tomorrow is going to quite possibly be a panic reaction down. It's getting kinda scary, even though I'm in a money market. :-). My guess is a gap-down of 150 pts on the DJIA, with the max down between 250-350 pts. Then some sort of leveling off, maybe some kind of attempt to rebound later in the day, after people have calmed down. For Nasdaq, say -150 before the selling slows down and finds support. I'm going to be thinking long and hard, and watching the opening hour.