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It is funny how the targets seem to hold. I was off by 40 points, but
on a 3000 point drop I don't consider that bad. How much of this rally
was real and how much of this rally was short covering? The shorts get
margin calls when the market rallies just the same as the longs when the
market falls. Usually it is the professionals that trade the short side
and they are quick to cover when they see things start to go bad. The
interest rate announcement triggered it. Now can it be sustained. Will
the perception of increased profits due to the rate reduction take over
from the fear of earnings short falls. Now that all the earnings
projections have been reduced substantially, they will soon be able to
report earnings better then expected. Isn't funny how this game is
played? Ira.
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