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

To: Autumn Henry who wrote (15298)	12/5/1997 1:12:00 AM
From: Robert Graham	Respond to of 50167

Yes, we have been in the "Santa Claus" rally. Now do you understand some of the reasoning behind my cautous stance on the market? I will be skeptical of this turninginto a sustainable rally until: 1. A market leader has been (re)established. 2. The money that has been sitting on the side is moved back in to the market. This in particular includes the money the institutions like the mutual funds have pulled out of the market and placed in the bond market, and then money markets. 3. Invesstor sentiment improves more. There has been signs of this improving, but this does take time to change. 4. A move toward and past its previous high under increasing volume. I would want to see both the Dow and NASDAQ making new highs. The stall of the Dow right above 8000 is not impressing me. I think we are now seeing the results of an inflow of foreign money in this "rally" of the Dow. Comments? Bob Graham