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To: NOW who wrote (88153)	12/22/2003 11:11:23 PM
From: ajtj99	Read Replies (1) \| Respond to of 209892

Man, I'm looking at stuff tonight that would make your head spin - MSFT at 30.50, GE at 35.50, CSCO at $26.50, SPX at 1160, SOX at 585, Dow 10,850, etc. Those are some targets I'm looking at if we get a blow up here. GE and MSFT seem poised to move up (as they have already been). This market has a momentum that is pretty incredible. I'm respecting it until it disrespects me. None of this makes sense, but you almost need to think irrationally to be in touch with this market. I'm still waiting for the SPX to correct and test 1075, and I may have to wait until 2005 at this rate!

To: NOW who wrote (88153)	12/22/2003 11:26:07 PM
From: skinowski	Respond to of 209892

I think that all these pyrotechnics and parabolics will not end well. It's just hard to tell when. The broadest major index - the SPX - is still best readable as an ED in its late stage. One puzzling question is that NYSE specialists still do not short much, which over the years has been a bullish sign. Is this time "different"? I don't know. There are some speculations, I hear, that the hedgies (and not J6P) are doing a lot of shorting. Moreover, the fact that specialists are not shorting could just as well be a function of insufficient demand and/or volume. For each short there has to be a buyer, and if buying is focused on a relatively narrow group of issues ("nifty fifty"), then the total volume of shorting may not be very large.