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Ira and all,
My thinking exactly! This past weekend I was reminded of the supposed
meeting of old Joe Kennedy and a shoe shine guy. While Joe was getting his
shoes shined the shoe shiner was giving all the stock tips, etc. - after
Joe left he called his broker and sold all his stock holdings. His
thinking was the market was headed down big time if unknowledgable people
are giving out tips and trading on them. This occurred in '29 just before
the crash. I don't know if the story is true, but it does have interesting
point.
This past weekend I was standing in line at a local supermarket. As I stood
there, I got to listening to the checker telling about her successful stock
trading to a much older woman. At first I thought she was very
knowledgable, but then I percieved that she was only using terms she'd
picked up from her broker and really didn't understand at all! Then came
the "tips" ....... did I sell out yesterday -no.
However, I'm getting more and more wary so I may cash out and take a nice
long vacation.
Larry
----- Original Message -----
From: Ira Tunik <ist@xxxxxx>
To: realtraders <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, January 10, 2000 10:39 PM
Subject: Market tops
> Not looking at anything technical, just the psychology of the market and
> what is happening about us. There are now more TV ads for on line
> brokers then there are for Burger King. There are more ads for mutual
> funds then there is for "Bud Lite". There are more ads for drugs then
> there are for feminine hygiene products. Is this the first sign that the
> powers will get all the spare cash into the market and be flat or short
> at the high. The only thing missing is the bull on the cover of the
> Times, there is no more Saturday Evening Post. Have a good week and
> watch your wallets. Ira.
>
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