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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Larry Brubaker who wrote (6877)	10/27/2000 10:14:12 AM
From: Logain Ablar	Respond to of 30051

FWIW: The opens are never a good indicator. Since we are openning strong we'll have many taking profits (just did myself, since I'm out the rest of the day). Its the close which is important. Right now I'd expect a short covering rally later today (I have new buys in place on pullback between now and then, maybe the trigger, maybe they don't) to carry into Monday. The GDP # was not good although many may think it will point to the FED easing. The FED won't ease in November (although maybe they change the bias). The 2.7 growth indicates an accelerating slowdown and points to a hard landing. Once people realize the hard landing means lowering of earnings growth forecasts and the take down of the P/E's / valuations again the denial phase of the bear market will be over. We jump right into the concern phase. Yesterday still didn't feel like a good bottom so the grind down will start again. Its only a question of when and at what level. I'm not discounting this rally can last till year end. I'm only playing it a few days at a time. Now out for a car. Tim