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To: marginmike who wrote (85020)	3/24/2001 11:28:57 AM
From: AllansAlias	Read Replies (2) \| Respond to of 436258

Yes, I too see the signs of what looks like at least a short-term bottom. However, I am not biting. To do so is to try and pick the bottom -- catch the knife, whatever -- and I am telling myself not to do that. This may be it, but we've had these discussions a few times before, with others, and it did not last. If we can build a little up-structure, then I'll get interested in something more than an intraday scalp on the long side. I think one has to be careful with expressions like "short positions are unwinding". This may be nothing more than a wiggle. Just as 2 week rallies have turned out to be sucker rallies as the trend stayed firmly down, the decrease in the short position does not mean it's unwinding. We'll need a few more weeks to see and in the meantime they are still firmly short. The Real Economy just won't turn over. Again, too early to tell. It's doing a pretty good job of rolling over so far.

To: marginmike who wrote (85020)	3/25/2001 6:14:58 PM
From: chic_hearne	Read Replies (1) \| Respond to of 436258

Mike, you bring up some very good points. I think you're expecting too much too quick. If this bear has taught any of us anything, it's that what should be happening today is happening instead tomorrow, next month, or next year, or still hasn't happened at this point. There are countless examples of this over the last year. Denial just doesn't go away over night. My theory of course is that the stock market is the economy. Where as the 70's economy tanking brought down the market, while today it will be the market that brings down the economy. So far it's been concentrated on the Naz and no, I don't believe everyone was dumb enough to be in the Naz. I think so far all that has happened is a very small portion of total investors have been hit. I mean the DOW isn't even in bear market territory, and the Spoo is only in a bear by a little bit. We also have bandaids being applied everywhere, from the FED trying to stimulate to the news media telling people not to panic because this will all be over in a short time.