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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Mark Adams who wrote (265425)	10/30/2003 6:11:55 PM
From: GraceZ	Read Replies (1) \| Respond to of 436258

I still don't know what made March 12th, '03 a turning point. Market doesn't have real fundamental reasons for what it does when it does it. The reasons are assigned after the fact. I do know that for the year and a half that the public sold relentlessly after almost a year of buying all the way down, someone had to buy those shares the public threw away. The members were net long at a historically unprecedented level by Oct 02 and through March 03. That is a situation which almost always resolves itself at higher prices, they traditionally aren't bag holders. There was selling all the way out of that hole in March, long selling, short selling. I told someone a few months into the rally we wouldn't see a top until we ran out of sellers. Now we seem to have a bunch of buyers....but at lower prices, the book is thin above. The market follows the book.