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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: Riskmgmt who wrote (14322)	11/15/1997 9:58:00 AM
From: MonsieurGonzo	Read Replies (3) \| Respond to of 50167

Ray; RE:"Have we turned the corner...?" No. We have tested panic-support levels and bounced. Looks to me like we will drive up to the DownTrend line (resistance), where things get serious. If we bust through smartly, there should be a retracement and follow through as confirmation of a true change of trend. This change could be sideways but at least, it wouldn't be further deterioration. I would like to think this will happen, Ray - but my gut tells me we have one more down-wave to go. The rally up to DownTrend will stall and then fail, devaluing most techs down a further -20%. The economic rationale for this will probably be either - the Japanese crisis or, recognition that "benign inflation" is, in fact, deflation. So like, after being burned, Gonzo is being very cautious (^_^) -Steve