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

To: poodle who wrote (15169)	11/8/1998 12:58:00 AM
From: poodle	Respond to of 18691

After very interesting political discussion it may be interesting to look how political news really influence the market. It is also good illustration how market can totally ignore any negative news. (Or consider it as a positive.)It's illustration only. Any analogy is usually poor. "Vice President Spiro Agnew's October 10th resignation amid tax evasion charges didn't do much to much to subdue investor optimism. Even The Saturday Night Massacre (President Nixon firing the Watergate special prosecutor while the Attorney General Elliot Richardson resigned) wasn't enough to phase investors who felt that the "bear market" was now over. At the same time as the constitutional crisis, the Arab oil-producing nations announced a total ban on oil exports to the U.S. The Dow's response to the week of political and economic turmoil was to gain another 3% and get within 6% of its all time closing high. From this point and without much warning, the Dow quickly plunged over the next couple of months with the index losing 20% and setting a new low of 788 in mid-December. All of the news that investors finally ended up reacting to was already known but for a few weeks they choose to ignore it." fiendbear.com Sure you have seen this link before.

To: poodle who wrote (15169)	11/8/1998 1:45:00 AM
From: Roger A. Babb	Read Replies (2) \| Respond to of 18691

Poodle, I have been reviewing the SI posts of the past view days and reading analyst opinions. Almost everyone has turned bullish, even Barb, Wexler, and me. Not many new buyers left. I am not long in many stocks, but have covered most of my short positions. There is just too much optimism. Monday I am going to start rebuilding my short portfolio. Not all at once, just a step at a time. My first target is YHOO. But I will go slow and keep plenty of margin.