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Insanity has set in and we are currently trading on the greater fool
theory. There is nothing in my work that says this market is heading
into the sewer. It is currently overbought and is due for a
retracement. I was roundly criticized by some for my prediction of
128-23 in the bonds and it went through that number like a hot knife
through butter. My next target for the March bonds is 126-02, you don't
want to know where from there. there is a target of 1246.60 for the
March SnP and a couple higher then that. I have targets for the index
of 1227, 1257 and higher. The rush to the internet and some hitech
stocks is out of control. From the Seattle Times, "Amazon.com
.....Monday surpassed Sears...... in market value when its stock price
jumped to $318.75, up $32.063 .......and another $3.625 a share on
Tuesday. That gives 3-year-old Amazon.com a market Capitalization of
$17 billion ---- beating $15.8 billion value of the 113 year old
Sears.....But Sears showed profits of $1.2 Billion for 1997; Amazon.com
has never posted a profit." Think what will happen when all that
retirement and 401k money hits the market at the end of the quarter?
Are my targets telling me that the Fed might do something to cool off
this rampaging market in a manner opposite to what they did to stimulate
it in October. I am a technician and will do what the market tells me.
Right now I am out and waiting for the trap door to open. When I hear
the rope snap I will re-enter. Have a good holiday. Ira
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