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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts -- Ignore unavailable to you. Want to Upgrade?

To: Rich1 who wrote (57769)	10/26/2000 11:25:44 PM
From: Junkyardawg	Read Replies (1) \| Respond to of 63513

I hope that today wasn't just short covering. I keep asking myself what has changed to make the market go up and I can't come up with any "good" answers. 1.Oil is still high. 2.The fed has over done it and they know it but won't lower rates. 3.Election? Stocks are cheaper but is that a reason for the market to run? I would like to see oil go down and the oil stocks get a flushing out like the tech stocks have gotten. dawg

To: Rich1 who wrote (57769)	10/27/2000 12:33:16 AM
From: Dana Johnson	Read Replies (3) \| Respond to of 63513

Today was wild but I don't think this was the end of the story. I think we need to be flogged until nobody has the guts to buy the dip. People need to be laying in their own capitulate. Today, when people sensed the momentum shift, they were in with both fists. Tomorrow if the numbers are cold or something "newsworthy" occurs in the mideast (etc) the market will bolt the other way. Right now the market is "metastable", ie not in trend.

To: Rich1 who wrote (57769)	10/27/2000 12:43:57 AM
From: Dana Johnson	Read Replies (2) \| Respond to of 63513

Regarding the P&F indicators, I agree that they aren't necessarily in sync with the daily action. Really they have a longer time constant and suggest a longer term trend. The market does seem to be bottoming. But there is a rotation through various sectors now like there was on the upswing. Now, valuations are getting adjusted. In the "From the Analyst" report today, one of the stocks mentioned was AMGN. Well, evidently the chart pattern wasn't enough. In fact, in contrast with last spring, now the theme is shoot first - ask questions later (maybe). I think it will take a while for this sentiment to shift. (grub?)