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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: CYBERKEN who wrote (14048)	8/5/2002 12:36:32 AM
From: macavity	Read Replies (1) \| Respond to of 19219

I do not think anyone is/was saying "America is Dead", just that "The Bull is dead". BTW, what happened to those Merril Lynch "Be Bullish" and "Bring back the Bull" ads. What a joke! A simple summary, might be that the market just does, what it does, and that we just find the reasons for it afterwards. Many commented that The Market was mad. Economic numbers were saying recovery, and The Market was saying down. Hope told many to look to the eco numbers - Bush, O'Neill. Now it appears that the Government Stats were possibly auditted by Arthur Andersen and had about as much truth in them as a WorldCom capital expenditure report. The eco figures were hokum! Now that people know that they have been told lies (by the government), they are beginning to doubt everything. I see a possible intermediate-term rally from these levels, now as people start to believe that The Market was correct after all. The Market has been the one thing that has been correct in forecasting the economy since Sep2000, forget the ECRI (even they use government figures). It is just that no-one has ever liked the message. So now we know that auditors helped cooked the books, that analysts lied, that corporations stretched the figures, and that the government has about as much clue about the economy as my barber (I cut my own hair). Now there is no doubt that this downside move in The Market was correct and that it has been validated as, one-by-one, the facts have been revelead to us. Now the $SPX has touched 20% below the Sep2001 (Bin Laden) lows and no-one can say that this (and not the Bubble) pushed the economy into recession. Now every excuse The Bulls have been using to justify that The Market was wrong have been shown as false and hollow. Now everyone believes in "The Downside". Now is the time to look to "The Upside". It will be a Bear Market Rally, don't get me wrong! All I am saying is that The Bulls have no more excuses to hide behind, and that one of the last bricks in The Wall of Doubt (The supposedly strong economy) has been put in. Long QQQ All Bets are of if we hit a new low on increasing momentum. - macavity