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Some musing overnight brought back more recollections of the 1972 bear
market. Aside from the deflating of the technology bubble (it was computers
and software), and the felling of the Nifty Fifty, the most memorable event
was the blood letting in Wall Street ... brokers, managers, back office
staff being fired by the tens of thousands. I would not look for anything
other than a trading bottom until the blood letting is well advanced in Wall
Street and in every other metropolis the mutual fund giants call home.
Earl
----- Original Message -----
From: "Earl Adamy" <eadamy@xxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, March 20, 2001 2:19 PM
Subject: Re: [RT] Tail wagging the dog?
> We're making progress ... first it was greed season for years, more
> recently, fear and hope season ... fear yesterday, hope this morning, fear
> this afternoon. The masses don't know what to think until the pundits fill
> their minds with some emotion they can get their arms around. Wait until
> tonight, the evening news will be full of how not even a 50bp cut could
save
> the market (if Clinton taught us anything, it's that it's the spin which
> counts). Fear should really begin to permeate the public psyche. The bear
> will be finished when there is no hope, only fear.
>
> Earl
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