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You are busy looking at the averages and saying that they have been
wrong. If that has been your sole measure of this market you, along
with many others, have been fooled. How many stocks in the S&P500 are
really up over the past year or two. How many of the DOW30 are at new
highs? How many stocks carried the ND to its new highs. I would be
willing to bet that there are more stocks in those indexes that are
nearer their mid range rather then the highs of the indexes. Many in
those indexes are trading at 52 week lows. The market is a bull or a
bear, not by what the indexes are geared to tell you, but by what you
own. There are a lot of people out there that are a great deal poorer
today then they were a year ago. In this great bull market, there are
still funds going broke. There are also those individuals that are
paying cash for the F50 Ferrarri. These are the extremes. Ira.
Jpilleafe@xxxxxxx wrote:
> Whenever there is a good setback for stocks
> I keep an eye out for one of the remaining
> perma-bears (Eliades, Precter, Stack, etc) to
> be featured on CNBC or in the media,... as
> their appearance tends to coincide with key lows.
>
> Notice on today's Barron's (page 3) in Ableson's
> column...the work of Jim Stack "the estimable
> proprietor of InvesTech Research" is mentioned.
> Stack has been bearish for a very long time,...
> reference to his work here is suggestive to me
> that a near term low is likely.
>
> Any comments appreciated.
>
> Regards, JIM Pilliod jpilleafe@xxxxxxx
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