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To: Win-Lose-Draw who wrote (228562)	3/17/2003 3:20:53 PM
From: Mike M2	Respond to of 436258

WLD, if the PPT were all powerful the indices would not have declined to the extent they have. In the past, they had the benefit of a primary bull trend, room to cut interest rates, a rising US$ - none of these conditions exist now. This is not to say we won't have bear rallies like july & Oct but the dollar, stock market and the economy are all in synch to the down side - beyond hope of monetary or fiscal policy magic. Corporate profits are at 3% of GDP a post WWII low. Without profits -there is no investment and no growth. The bubble has burst. mike