From tbyfield at panix.com Sun Dec 12 05:27:22 1999
if your goal is something bigger, though, then maybe talk
about that.
Ok, here's something else: if the direction of the move over the last 7 weeks was negative instead of positive, every Chicken Little who has a way to hit the transmit key would be crying about the disaster and bloodbath taking place in the market -- but as it goes up by that amount, we don't hear the same magnitude of statements about it. Shouldn't we? We're just talking about a shift of polarity. If the market going up 15% in 7 weeks doesn't make everyone rich, why should a 15% downward move make everyone poor?
With the addition of Microsoft and Intel to the DJIA and companies like Yahoo being added to the S&P 500, it seems clear that the _indexes themselves_ are on a PR campaign -- just think where the DJIA would be today if they had added Microsoft and Intel 5 years ago?
Of course, Sunday Morning Curmudgeon that you are, you failed to comment on that idea that we're not in a bull market at all (and thus unsucceptible to a bear market). I'm not sure what to make of it, but it does seem that the "market news" has become quite like the "other news" in that it focusses in on specific items too deeply (the way we do about disasters and other anomolous events) to give a broad perspective on the market.
/jordan