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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures -- Ignore unavailable to you. Want to Upgrade?

To: Walkbarr who wrote (10068)	3/6/2006 2:14:10 PM
From: Rarebird	Read Replies (2) \| Respond to of 12410

When I woke up early this morning and saw the S@P and NDX Futures up strongly on the back of this big telecom merger, it reminded me of the summer of 1998 when the market had a very strong run and Citibank had just bought Travellers Group. The bulls were quite giddy back then (as they are now) and felt the market was quite resilient and could weather any storm. The $MID.X and $RUT.X were underperforming the S@P 500 from the get go this morning. That was a clue the S@P's would eventually follow suit. Given another big rise in bond yields again today, this market is an accident just waiting to happen. After all, the investors who have been ploughing in record amount of $$$ into mutual funds this quarter are the same naive group that never learned their lesson in March 2000. PS I'm looking at a 10%-20% decline between now and October on the big S@P.