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

To: Ward Nicholson who wrote (40544)	2/18/2000 1:33:00 AM
From: Michael Watkins	Read Replies (1) \| Respond to of 99985

Hey Ward, I'm another Candian Grizzly, here in Vancouver. There's a couple of us lurking about here, surrounded by outrageous bullishness. Have you seen the insane valuations on the CDNX? Replaced gold. Its all I can do to restrain one of my partners from pumping more of his money into the market... I started a small short position on TSE:HIP today, normally I'd wait for confirmation but the risk $ is small and its less volatile than the Nas; I mostly trade futures and position trade stocks but have pulled everything to cash in our retirement accounts and am saving capital in my margin accounts for putting on some shorts. BCE is showing potential topping action right now (121 US I consider very important); so is NT (oddly enough 122 US is important here too). Should oil turn around (its already below important resistance at 29.80) and BCE/NT head down through my levels (might just all happen tomorrow), I would expect we'd have see a top in the TSE100 for a while... What's most disturbing to me is all these small cap stocks being bid up to heights, both in the US and Canada. Open Text, Hummingbird as fine examples (I have a relationship with one even and still can't see it). The Canadian money managers have figured out that to perform they just have to bid things up. Not that we don't have our own inventions up here (good and bad) but I'm not keen to see this particular trick move north of the border... I just don't think this game is going to end well at all. (but man, if the mania continues, I'll do my damndest to extract some more money from it)