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Good to have your opinion though I disagree in several areas. No one
really knows what is factored in the market.
Much of the buying came from those selling low yielding bonds to get
into equities according to newsletters I receive. The put/call ratio
is 0.7.
I definitely do not believe AOL Time Warner remake of past profits is
in the market.
I have the same belief that the Dynegy refusal to sign off is not in
the market.
Both were announced after the close.
John
------------------ Reply Separator --------------------
Originally From: "Kent Rollins" <kentr@xxxxxxxxxxxxxx>
Subject: Re: [RT] Thursday Prognosis of S&P
Date: 08/14/2002 11:57pm
----- Original Message -----
From: "John Cappello" <jvc689@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: <MedianLine@xxxxxxxxxxxxxxx>
Sent: Wednesday, August 14, 2002 7:38 PM
Subject: [RT] Thursday Prognosis of S&P
>1. UAL will announce Bankruptcy plans
Factored into the market.
>2. Major CEOs of certain firms will not sign
Factored into the market to a certain extent.
>3. Companies will announce a need to redo back years
Unless IBM comes out and announces $10B in overstated earnings, this
is
factored in as well.
>4. While we passed the early Aug. high we are still below July highs
Got to pass August before getting to July.
>5. The 200 day moving average is a long way off
Got to start somewhere.
>6. 775.9 may have been the low for this cycle but that does not mean
880 will not be retested.
Not for a few months atleast.
>We can move higher but I think we will end lower. It would not take
much to derail this uptrend which until now has been fueled by weak
volume.
Weak volume is okay. That means everyone doubts it. That's why it
will
continue for a while.
Kent
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