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To: chris714 who wrote (113624)	7/19/2001 8:29:36 PM
From: ild	Respond to of 436258

<<< market ... hard ... to trade >>> Yeah, for many people market was too easy to trade in March 2000.

To: chris714 who wrote (113624)	7/19/2001 8:59:22 PM
From: pater tenebrarum	Read Replies (1) \| Respond to of 436258

well, i assume Bill Meehan has got it right. still, it's in stark contrast to what i remember regarding the positioning measures. i find it even more remarkable that in spite of the total collapse of the NAZ there hasn't been a single week when bears outnumbered bulls in the II poll. in '94 there were i believe 9 weeks in a row. another thing that's also completely turned around vs. '94 is the net position of small traders in the S&P futures: record net short for most of '94 (after '94, the market went parabolic to the upside of course) and record net long NOW, with the Dow/SnP about three times higher. i agree this market has lately been a frustrating exercise for traders, but i think even more so for LT investors. one is supposed to 'invest' in a market trading at 28 times trailing, and at least 35 times prospective earnings? it's ridiculous. and even if one buys relative value, one must fear that it gets squashed anyway once the inevitable adjustment comes. i agree of course with the old saying that the market is always right...which btw. contrasts also with the investment advisors, since they don't seem to think so. the broadest gauge, the Wishire, clearly is in a bear market that it is too early to declare as having ended. so they're all bullish in a bear market.