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At 07:52 PM 6/11/98 -0600, Earl Adamy wrote:
>I don't believe in the "New Paradigm". However I firmly believe we're in a
mania
>and that manias take markets into territory which can not be justified or
>forecast. Manias shoot bears down in flames and continue ever higher until
they
>fall of their own accord. I have dozens of charts which suggest that this
market
>has been overvalued for a couple of years, but the market doesn't care. I
have
>log price charts which show parallel after parallel with the 1920's, but the
>market doesn't care. Fortunately, technical analysis gives us the tools with
>which to measure greed and fear so we may have a clue when the tide has
turned.
>Jerry's talk was interesting and he may be right, but I don't think there's a
>guru or analyst around who can tell us in advance when the mania will end.
>
>Earl
>
>
>
Earl and all:
When a new paradign is called for to understand what is going on,
most people would call the major phenomenon a "mania" based on
measures that worked in the past.
And it that is pushed far enough, the old technical signals may
not do their job, either.
PeteNa9090
petena9090@xxxxxxxxxxxxxx
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