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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: MythMan who wrote (40415)	5/11/1999 5:47:00 PM
From: Lucretius	Read Replies (1) \| Respond to of 86076

very light volume and closes well off the highs in key stocks. a long bond that has hit new lows and appears prepp'd to crash w/ more bad news coming tomorrow, thurs and Fri. sh*t.com IPO and Mary Meeker and some nutcase over at Merrill both upgrading internuts today marking the 2ndary top in the nuts.. none of which hit new highs on that euphoria. Gold shares bouncing and RANGY (which leads the gold shares) closed up smartly as did the JSE gold index in S. Africa. Banks weakened as the bond sold off and the dollar looks to have compelted its bounce and should resume its tanking. all the while, nuthead Bollinger says there is no worry about inflation and it talking about the ULTIMATE blowoff move to the upside and hairspray twins say when are those old timers that say the nuts will crack gonna learn.. they go down but always go right back up. Some other nuthead form some crappy house (can't rememeber) says there is no inflation.. blah blah. CNBC's floor trader says traders in the NYSE floor cannot figure out why the mkt is holding up so well w/ rates rising.. Ron Insana suggestes that perhaps it is because we're just getting back to "normal rates"; floor guy responds.. "yes that could be it" So basically, We have the required sentiment necessary for a crash.... disbelief that it can happen... I have yet to hear anyone discuss 6.5%, 7%, or 8% which is where I think we're headed. Most discussion (of those that can even imagine such a moronic idea as higher int rates) centers around 6%.. w/ 6.25% being possible but not likely) HO HO.. I say. get ready to stumble.... DOW remained under Mon's high which I had projected as the TOP last friday. Naz and SPX continued in theri tight range still below their highs set a few weeks ago. MSFT in particular showed weakness into the close. There was also no last hour melt-up today when the bond mkt closed. oh yea. this mornings squawk box guest (some clown) said ther is no inflation and that he was a buyer of the long bond yesterday... wonder how he likes that big fat loss? -g- so, now we know that the morons are on the buy side... and the mkt is going the other way. that's a key change in behavior of the last few years where any old yockle is a genius for buying the dip... well, the bond dippers got MOWED. and so will stock holders soon enough. anything else you wana know about what I saw? (G)