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According to tonight's Favors update, institutional bullish sentiment is at
an all time high of 61.6%. Sounds to me like they think it is going up and
isn't institutional money the "big" money. Add to that the Favors has his
position players 75% long and the guy at my office who bought Brazillian
bond funds last spring is now buying NASDAQ 100 index funds, we're gonna
tank for sure.
Kent
-----Original Message-----
From: tj <tradejacker@xxxxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Wednesday, June 02, 1999 6:45 PM
Subject: Re: CALLING ALL CONTRARIANS...
as a trader, i don't make forecasts.
however, i believe the market will resolve itself in one of two
scenarios:
1. false upside breakouts in the major indices, followed by a crash to
new lows 720-740 basis dec s&p, or,
2. a weak down move that will be heavily shorted, followed by an
accelerated upmove (short covering and new institutional buying) to
all time highs 1300+.
my bets are for scenario 2 since a majority of traders are looking for
scenario 1.
TJ
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