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To: 10K a day who wrote (194717)	10/1/2002 10:43:09 PM
From: patron_anejo_por_favor	Read Replies (2) \| Respond to of 436258

Mark-to-Market is achingly brilliant again tonight (excerpt posted only, I'm trying to be respectful of capitalstool.com's copyrights...but this stuff is just too good not to get a wider audience!<NG>) BTW, new URL to Mark-to-Market's page: capitalstool.com Today’s Action After the usual “gap and trap” selloff, news of Iraq inspections once again triggered a short covering stampede, accelerated by selective pushing of a “few key stocks” on the Dow like MMM, IBM, KO, and MO. A hockey stick ramp job ensued, sending us yet again on another round of hysteria TICKs in the +1200 range, and sending the fear gauges plummenting. It is simply amazing how all fear is instantaneously erased on any reversal, and how fast the Programs are triggered on some type of derivative meltup. But a big up day was due, since we were rapidly falling into a waterfall mode, and an upside correction was necessary to keep the hopers in the game, and keep the downslope of the S & P and Dow indexes at a more torturous 45 degree angle. The Cosmic Joke is that yesterday, all the arena participants were bleating for a rate cut. After today, such a rate cut after a 350 point move in the Dow is impossible. As the Bear claws deeper, Uncle Al is turning out to be his own worst enema. It seems like at least 3 out of 5 trading days, there is some type of a intraday short squeeze which knocks down the short interest, which simply adds more gasoline to the bear market fire. As usual, the Color Commentator is right on the money regarding the speculative sentiment: “Another one of hundreds of rotation days in the Asylum. Junk sold into end of month now being bought. Biotechs chased yesterday are scrap heaped right out of the open today. Best strategy for Crack Comp and Angel Dust Dow is to short at close on low TRIN days and long at close of high TRIN days, then go to church, make offerings, sacrifice a small calf at altar, cast Rune stones and have bottle of sake in memory of the Emperor. Not seen anything like this in my lifetime. Level of speculative desperation is now off charts. Stocks down most on previous day are enormous winners the next which only encourages more and more flammable trading techniques. The time is fast approaching when a Mother of All Market clearing event will be necessary to cleanse the floor of most highly leveraged margin gamblers. A geopolitical whore of the 10th magnitude is needed to face-sit right down onto the Market and do some serious scrotum chomping otherwise we simply don't get any washout, we have endless Reflux days like today, characterized by extreme acid burn, and projectile vomiting by hapless shorts.” Despite all short covering power used up, hysterical TICK readings two days in a row, Da Boyz still couldn’t push us up past The Number. Maybe a gap up over it tomorrow, but given the buying and short covering exhaustion shown in the mania TICK readings two days in a row, a sharp reversal to the downside appears to be imminent.