To: Kimberly Lee who wrote (32305 ) 11/23/1999 4:57:00 PM From: Dotty Respond to of 108040
"the bulls get Thanksgiving and the bears get Christmas"this from Jeff Cooper today... Momentum Stocks Insight11/23/99, 9:15 AM ETBy Jeff Cooper The Leaders Of The Pack The leaders of the pack, mostly but not limited to technology stocks, continue to be viewed as trophy stocks and bought at any price. The wolves hunt and devour all offers once they go on the prowl and if they get a second wind late in the day, market makers run for the hills and these stocks explode into the bell in the last hour. Take a good look at intra-day charts of INSPand SDLI) yesterday. It's as wild and as animalistic behavior as I've ever seen. However, internals are contracting as the indices spike. Over the past five days, the number of 52-week lows was 96, 135,148, 179 and 249, respectively, while over the same time the number of 52-week highs on the NYSE was 103, 91, 64 and 62. It is not a healthy sign of contraction. But the bulls will tell you that it's reflective of tons of tax selling from stocks at the bottom of the pack. Well as you can see, once the market goes into orbit, nothing really matters. It has a way of going into cruise control once the engines are turned off. The higher these stocks go the less effect gravity seems to have, despite the fact that the oil price is tugging at the bull's tail. Weightlessness and giddiness definitely rule on the Nasdaq. There is an old Wall Street saying, "the bulls get Thanksgiving and the bears get Christmas" . . . or visa versa. Well, the bulls are certainly stuffed and are getting Thanksgiving. It will be interesting to see what their appetite is like going into next week. This morning's durable goods number appears to have set the tables again for the bullish seasonality to take effect.