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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Roger A. Babb who wrote (6293)	4/6/1998 1:43:00 PM
From: Pancho Villa	Respond to of 18691

My dear friend Roger, I see many signs of a top... I guess anyone that read any newspaper over the weekend is now getting the idea the market may be a bit overdone. IMO last week and today US equity holders are selling heavily however foreigners are buying heavily at bargain basement prices:_) Why is it that investors are like sheep. No fear of buying when the market is ridiculously high, and no one buys when it is ridiculously low. Pancho

To: Roger A. Babb who wrote (6293)	4/6/1998 2:11:00 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 18691

>>a good market top sign is when the longs show up on this thread to gloat at our supposed foolishness<< Hi Roger, I remain long this market, but, I stopped systematically investing in my stocks in February this year. I still buy long selectively. I posted last October that the bull was intact because the market is driven by liquidity and will continue as long as boomers are positioning their portfolios. I also expect(hope for) a correction, not a pull back, but a correction. There's a lot of profit that needs to be washed out of the market to allow for an even greater inflow from the sidelines. When we saw stocks actually going higher in recent weeks on earnings warnings and disappointments, that was a clear signal to me that the money was funneling in faster than the market forecasts could justify. This problem is being compounded by increased inflows from foreign investors seeking "quality". All in all, at some point the realization will set in that earnings will not be able to "keep up" with the valuations that are currently being established and hopefully we will see some serious profit taking. I'd much rather see that scenario than a speculative market bubble burst....bp