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To: Perspective who wrote (247485)	6/27/2003 2:09:47 PM
From: UnBelievable	Read Replies (1) \| Respond to of 436258

I Don't Know How Bonds Went Up When Stocks Where Going Up And I don't know how stocks can go up when bonds are going down. This new Economy just has me confused.

To: Perspective who wrote (247485)	6/28/2003 7:20:35 AM
From: Earlie	Read Replies (1) \| Respond to of 436258

BC: Good comments. At this end, and for better or worse, I am loading the short side now. Not yet in "nuclear" mode, but definitely out of the fox hole. Also broadening out...... not just the "mortally wounded". For the next while, I see the semis and the airlines as preferred targets, with occasional forays into selected financials (have been scalping FNM already). My reasons for venturing out now include; - it's been a looooooooong rally. - sentiment numbers are remarkably lobsided. - remarkable bullish confidence (complacency) - the "warnings" (so far) confirm an upcoming ugly H2 - for a variety of reasons, the U.S. consumer (the guy the whole world depends on), is pulling in his horns. - lay-offs continue unabated. - instead of addressing their messy balance sheets, many corporations are making things worse by piling into even greater debt. - the first signs of derivatives "strain" are starting to show up. - money flows to the funds are simply not nearly great enough to sustain this rally. - as noted earlier, many exposed fund managers are more than uncomfortable and eager to be "out early" (and to me, it looks like they are already sliding out the exits). - massive (indeed historic) insider selling, NIL insider buying. - crummy charts everywhere, with more head-and-shoulders than an NFL defensive line. - Greenprint out of ammo. - the buck is in deep doo-doo. - foreigners are starting to repatriate (and for me, this is a gigantic item). At this end, the market looks like an aircraft that is running low on fuel while flying in IFR conditions. Best, Earlie