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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: dclapp who wrote (9131)	3/25/1999 12:44:00 PM
From: Stephen	Read Replies (1) \| Respond to of 99985

dclapp <I, for one, neither need nor seek your "congratulations" or..um...whatever. > I'll try and remember that but you may get one anyway as my memory isn't what it once was. However, I will try and remember to send it via private mail ........ write 100 times ... I must use private mail ... I must use private mail........ Regards Stephen

To: dclapp who wrote (9131)	3/26/1999 9:35:00 AM
From: dclapp	Read Replies (1) \| Respond to of 99985

I think Dell's recent downward progress is telling for the market as a whole. Why? Because it's a religious "darling" stock of dipster J6P investors(Joe Six Pack; took me a while to decipher that one!) As such, it's an observable case of "smart/big/institutional investors" vs. well, those people in the E-Trade ads, I guess :) My thesis is that this market won't crack until the Nifty Darlings do...and that will only happen when "weak hands" A) refrain from buying dips and, in fact B) sell the decline.. I think I may be seeing A) and wonder if we'll see B)? This is another way to say that PE and earnings <<do>> matter -- and to watch them become slowly meaningful to investors who, until now, have laughed at FA considerations for high-fliers. The mania ends and the market will regress to (which?) historical means when the majority of ordinary investors are hurt -- and not rewarded -- by the market, IMO. doug