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Strategies & Market Trends : Stock Attack II - A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: StockOperator who wrote (1707)	3/1/2001 11:43:31 PM
From: dennis michael patterson	Read Replies (2) \| Respond to of 52237

Tomorrow has to be bad. SHorts covered today; the IBM "news" is fake' and you point about ORCL is very well-taken. The IBM rally was such a fluke. I was on the phone for most of the rally but I just watched the ndx stream higher. Amazing

To: StockOperator who wrote (1707)	3/2/2001 12:08:28 AM
From: Jack T. Pearson	Read Replies (1) \| Respond to of 52237

StockOperator, I think you have provided a very valuable perspective on the market. I normally agree with you 100%. But I don't think that after-market drops in prices reflect the "powers that be." Looking at the number of shares involved in Oracle on the Island ECN, I see a few at 400 and 300, but most appear to be at 100 and below. At prices of 17 to 17 1/8 that certainly reflects an urgency to distribute, but in those lot sizes, I wouldn't claim it was by "the powers that be." This nit aside, I agree with your conclusion. I believe a positive rumor about IBM initiated the rally during the last two hours of the the market. I believe that once it got started, it was accelerated by short covering. The balance of buyers and sellers is very evident in the market this week. Each round of bad news brings more sellers into the market. Today's rally was the first significant display by buyers this week, and they may have shot their wad in two hours closing their shorts. With Oracle's announcement after the market closed, I don't think many will be covering their shorts tomorrow. They may be adding new ones. I wonder where the DOW, S&P, and NASDAQ typically stand at the beginning and end of bear markets and recessions with respect to p/e? I suspect the p/e for the NASDAQ is closer to the typical p/e for the beginning of a bear market rather than the end of one.