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I think the excerpt below from the Hussman Report to rather accurately
describe the state of the market.
Earl
http://www.hussman.com/hussman/members/newsltr/lettr121.pdf
ECONOMIC PERSPECTIVES
1) Things are really bad out there. They've got to get better sometime.
2) We've got a tingly feeling that the economy will bottom in the next
quarter or two.
3) Bull markets typically begin less than 6 months before the end of a
recession.
4) Therefore stocks must be in a new bull market now. Better get in before
it runs away from us.
5) Stocks are rallying. That's proof that the recession will end soon.
6) In case of fresh bad news, go back to number 1).
Investors are currently tangled in pretzel logic. Every hope that the
economy is about to recover results in stock buying, and the stock buying is
then taken as evidence that the economy is about to recover.
----- Original Message -----
From: "Ira Tunik" <irat@xxxxxxxxx>
To: "realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, December 21, 2001 10:01 AM
Subject: [RT] Xmas rally
> Will Santa Claus get a hernia trying to hold this market up?
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