bottom nearing?

[pms]

Also, as when the market plunged last week, the SOXX or semi-conductor index
is UP today.  Hot-shots tossing their bodies under those falling knives
you're not supposed to try and catch.  I also read that the TRIN(nyse) which
is an indicator I really don't understand, was actually showing the market
as over-bought yesterday.  Since the intra-day low for the naz was 1387 in
sept, which held the 1343 intra-day low of  '98, and since every time the
chart shows one of those plunge through former low v-shaped thingies it's
significantly lower than the low it broke, and since the naz now is only
about 1327, seems like it's gotta go lower.  Still it's been acting pretty
stable compared to dow.  Meantime the price of gold is up $7 to 324 but the
mining stocks act as though nobody can believe it.
----- Original Message -----
From: Doug Henwood <dhenwood at panix.com>
To: lbo-talk <lbo-talk at lists.panix.com>
Sent: Friday, July 19, 2002 12:10 PM
Subject: bottom nearing?


> Calls from reporters, some of them mainstream, have been picking up.
> So by that indicator, the markets may be close to a bottom. But if
> this is really a long-term bear market (which I think it is), that
> indicator, discovered during a great bull market, may not work as
> well.
>
> As for Brad's assertion that mass psychology has turned bearish
> enough to expect an upturn, here's some evidence to the contrary,
> from the new ish of Grant's Interest Rate Observer (edited by the
> smart and witty but often wrong Head Permabear, James Grant):
>
> At 12:38 AM -0400 7/19/02, Grants Publishing wrote:
> >NO TIME FOR BEARS
> >
> >     James S. Chanos, the short seller who figured out Enron, penetrated
> >Tyco and foresaw the millennial telco collapse, has only one professional
> >problem: There have been net withdrawals from Ursus Partners, his short-
> >selling fund (and its offshore counterpart), for seven consecutive
> >quarters....
>
> Doug
>