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Strategies & Market Trends : Z Best Place to Talk Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Kelvin Taylor who wrote (50330)	1/5/2004 4:09:32 PM
From: E.J. Neitz Jr	Read Replies (1) \| Respond to of 53068

Making $ and enjoying it...for as long as they givith!

To: Kelvin Taylor who wrote (50330)	1/6/2004 9:08:32 AM
From: E.J. Neitz Jr	Respond to of 53068

Interesting Bullish Market Comment from Merrill this AM. (I dislike their individual stock research, but general market comments not bad looking back...interesting) THE MARKET IS CLEARLY MOVING HIGHER ... DON'T FIGHT THE FED, DON'T FIGHT THE TAPE. BOTH ARE BULLISH—IN FACT, MR. GREENSPAN TOLD US OVER THE WEEKEND THAT THERE IS NO 'BUBBLE' ACHING TO BE BURST OUT THERE (JUST YET). WE HAVE EARNINGS GOING UP, BONDS IN A RANGE, THE $ SEEN AS A PROFIT BOOST, PUNDITS LIKE ARTHUR LAFFER CLAIMING THE MARKET IS DEEPLY UNDERVALUED, MUTUAL FUND INFLOWS ARE ON AN 8- MONTH UPSWING. AS WE SAW THROUGH 1999 AND INTO EARLY 2000, WHEN THE INVESTOR MINDSET TURNS TO THE VIEW THAT EQUITIES HAVE ONLY ONE WAY TO GO AND THAT'S UP, IT'S A PSYCHOLOGY THAT IS VERY DIFFICULT TO BREAK. THE MOST COMPELLING REASON TO BE BULLISH, QUITE SIMPLY, HAS LITTLE TO DO WITH FUNDAMENTALS AND MORE TO DO WITH EMOTION... INVESTORS ARE FOLLOWING THE PRICE ACTION. AND THE PRICE ACTION IS POSITIVE. BUT WHAT'S MISSING—AND THIS WORRIES US—IS THE PROVERBIAL 'WALL OF WORRY' THE MARKET NEEDS TO CLIMB. MAD COW, GEOPOLITICS, SURGING OIL/GAS PRICES, THE PROSPECT OF A SLOWING EARNINGS GROWTH PROFILE IN '04 ... IT JUST DOESN'T SEEM TO MATTER. Then again, when you read the WSJ today and see headlines like "Managers Are Starting to Loosen Budgets as Optimism Grows" (B1); "Kmart to Report Holiday Season Was Profitable" (B2); "More Robust Business Leads to Improved Profit Outlook" (B3), you can't really blame the average investor for feeling better about things.