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Strategies & Market Trends : The Millennium Crash -- Ignore unavailable to you. Want to Upgrade?

To: posthumousone who wrote (2276)	2/25/1998 2:53:00 PM
From: Mike M2	Respond to of 5676

Gary, you caution is warranted unless you believe in "new eras" . Your patience will be rewarded when? I honestly do not know but I feel the reality of the problems from SEA will temper the mania during Q2 or Q 3 at the latest. The market continues to diverge from economic reality and there is a point at which the market can no longer generate the % returns people have come to expect at that point some will decide to take some chips off the table and the process of reverse momentum will begin. I recommend reading Robert Patterson's " The Great Boom and Panic" esp. ch 12 it's about the 20's bull mkt. Mike

To: posthumousone who wrote (2276)	2/25/1998 5:13:00 PM
From: Mike M2	Read Replies (1) \| Respond to of 5676

Gary, here is a quote from Patterson's book "The Great Boom and Panic" p.224 "It seems that no matter how irrational a widely held belief may appear in retrospect, only a mind of remarkable independence can resist its compelling force when it is flourishing. The general confidence in ever-rising stock prices, with its supporting rationalizations that justified speculation, was symptomatic of the phenomenon that Bernard Baruch and others have referred to as "the madness of crowds". Although still largely unexplained by behavioral scientists, this so-called "madness" must be taken into account in any attempt to explain major booms and panics." Mike