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

To: Stcgg who wrote (54242)	6/15/2000 3:05:00 PM
From: Shtirlitz	Read Replies (2) \| Respond to of 99985

This market is totaly confused. They think that everything is positive and are trying to buy something. But they don't know what to buy. Yesterday they where buying financials and selling techs. Because they thought that financials present value and techs are expensive. Today it turned out that financials are getting affected by interest rates (what a surprize) and they dumped them and started buying overvalued large cap techs once again. Tomorrow they will remember that HWP was downgraded, QCOM was downgraded and INTC is simply an overvalued junk growing at 5%, mostly because of its investments, and trading at a huge premium. So they will dump techs and will start buying something else. For example financials. This market has nothing positive to look forward to. Everything positive that could happen has already happened, and is priced into the market for years to come. But at the same time they don't want to sell. So we are stuck. Probably untill more downgrades and bad earnings will start hitting them on the head.