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To: Lucretius who wrote (79568)	12/14/1999 7:32:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 86076

i'm thinking that at the very least a correction is now to be expected...look at it this way: if the market still had some fight left, we would have had a mad mark-up on the combination of retail and CPI data today (=strong economy, no inflation). my guess is that the bond market is getting really antsy over the liquidity splurge and it was looking for the flimsiest of excuses to sell off. i'm not even going to mention the absolutely crummy internals...it's been chewed over often enough. but yesterday we had a total CBOE p/c ratio of 0,40 and that's as low as i have ever seen it. the Rydex ratio was hugging all-time lows, and the disconnect between the speculative sectors and the rest has just become too big... the question, as always, is whether it will just be a correction or something bigger...and it COULD become something bigger. there is so much conviction that nothing untoward can possibly happen in the seasonally favorable period, that maybe something will. think about it: everything is a-o.k., the govt. stats say Goldilocks lives, and yet, the majority of stocks is going down...something big bad and ugly is probably hibernating out there, at the periphery of our vision. the sentiment among bears is a prime example of how the euphoria has infused even the naysayers with caution (i.e.,fear of more upside). who has lately called for a BK? everybody, even the most pessimistic observers, have moved their respective expectations to the right. today's dip is mostly seen as a healthy pullback, and maybe that's what it is, but how can ANY pullback in a sick market be healthy? if the momentum dies, the very thing holding the indices up dies.