To: Bruce A. Brotnov who wrote (5348 ) 10/17/1999 11:39:00 AM From: Walk Softly Respond to
Bruce... I looked and I looked but could not find an observation I archived years ago from the *P Wall Street Edge.... at the time, the the market was plunging and the author linked it all the way back to poor Iowa weather conditions precipitating higher agricultural commodity prices etc etc.... it was so well done and so true.... but the author's point was basically selloffs are based on irrational fear (as opposed to peaks, irrational exuberance).... we try to put a name on it, but overall that is kind of silly.... What reminded me of this was that the highest inflation component of the latest PPI was tobacco prices..... hummmmm.... not one pundit that I survey (including CNBC, Briefing, etc, etc...) linked this at all to the Hurricane flooding conditions in the tobacco belt of the south east, how could something so obvious be missed??..... the linkage between this *P article to Friday's selloff was so aprapos.... I don't buy the bottom of the trading range argument.... until I see some really healthy TRIN>1.5 ratios the general market continues a wasteland as it has been all year and the major averages need to correct... boy those Vanguard SPX500 funds are looking pathetic.... definately a stock pickers and a pump and dump market until then.... two newbies making technical history are ANTS and NPTK (software & an inet consolidator respectively) BB issues with almost no reliable/regulated public info (that I can find) on them....
