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

To: Zeev Hed who wrote (19968)	7/7/2001 9:39:15 PM
From: Justa Werkenstiff	Read Replies (1) \| Respond to of 30051

Zeev: Looks like the market can fool us all. Look at Ralph Bloch's in-your-face comment from July 2nd: Monday 7/2 Surprise, surprise, we're starting to hear about indications that the economy may be hitting bottom. The technicals called the low perfectly in early April as the market ran from 9100 to 11400 in anticipation of exactly what now seems to be happening - let's pity all those poor souls whose mantra was "but the fundamentals don't support the rally." Let's hope they've learned a lesson. A split market, as the DJI rose 136 by noon and closed up 91 points, while NASDAQ lost 12 points and MSFT fell 2-1/2 points, which cast a small pall over the technology stocks. The screaming plus of the day was MMM issuing a "warning" - it opened 4 lower and ended up 3-1/8, and that's as bullish as it gets for the overall market. This was the clue last January that the market was ready to rally as it ran from 10400 to 11100. A negative was a poor Advance/Decline reading, which posted only 130 net plus - Friday, for example, the DJI dropped 64 points, and there were 832 net plus. So, for two days, the DJI rose 23 points and posted 960 net advances - not too shabby! The broader-based S&P rose 12-1/4 (1%), which was, of course, much stronger than the DJI.

To: Zeev Hed who wrote (19968)	7/7/2001 10:19:58 PM
From: Kailash	Read Replies (1) \| Respond to of 30051

Hi Zeev, I've watched with astonishment how you have dared the devil and the deep blue sea waiting for a bounce that never came -- but luckily getting out before being hurt too badly. You look much better in that bear suit than when butting your bull horns against the market! <g> Your past week of trading qualifies as reckless -- I say this tongue in cheek, realizing you move gingerly even when playing high stakes. We did get a thorough bounce off 2000 mid-month, but it was no more than a set-up in preparation for that drop you'd foretold would come by the 4th. As usual <g>, we get it a week later. Your optimism was entirely misplaced -- and I don't see why you kept it, since there were so many signs this was a false rally -- not to mention that several of your friends on the thread tried their best to warn you! Oh well, we would of course have shut up if you had turned out to be right. Larry "the sound of one hand clapping" Dudash maintains the only defensible position in the matter of prognostication. The recent drops on the Nasdaq have been extremely rapid and Monday is looking BAD! It is with great regret I note that you never go short; being short creates a warm and fuzzy feeling when the market tanks badly, like a phoenix rising from the ashes... A gap down to 1950 and a drop to 1850 should bring us up to date on Monday. After that, we should have a creeping rally, feeding on a kitchen-waste diet of good news, as you earlier predicted. Is this still what you're reading in your turnip leaves? Kailash