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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (35870)	5/25/2000 9:02:00 PM
From: RocketMan	Respond to of 42523

Perceptive article. Here is a key statement: "There's a shift in psychology going on," said Arthur Micheletti, investment strategist at Bailard Biehl & Kaiser in San Mateo, Calif. "Instead of buying the dips, at some point people will say, 'Gee, the next little rally, I'm bailing out.' " There is a tremendous amount of overhead supply, and selling of high-p/e stocks into rallies will continue for the foreseeable future. Well, at least the smart money will be doing that, there will always be the BTD crowd who gets increasingly burned, as the guy quoted in the story. One thing to remember, though, is that the indices are not the market. The runup over the last couple of years was very narrow, and left the majority of stocks in a bear market. So it is possible that the indices may tank while the average stock holds its own or recovers. It depends on how hard the landing is, as Heinz pointed out a few days ago.