reading Time

[Doug Henwood]

There's an old saw in the markets that when something makes the cover of
Time it's time to bet against it. Here's an observation from the
chronically (and, for the last 15 years, wrongly) bearish James Grant:


>                 Here's what you'll find in the newest
>    Grant's Interest Rate Observer (Vol. 17, No. 3/February 12, 1999):
>
>-> THE DOUBLE-TIME INDICATOR FLASHES TWICE
>"As a rule, the cover of Time is good for directional trades only. As
>there is usually only one big story per cover, a conscientious investor
>will absorb the message and do the opposite. In the past week or so,
>however, a spread trade can be inferred from what might be called the
>greater Time. Thus, the cover of the Asia edition, dated February 8, sang
>"Japan's Blues," whereas the cover of the domestic edition, dated February
>15,
>celebrated America's greatness."

Doug