| 12/31/1999 - …New Year's Eve… Last Rites |
| Markets all over the world are ending the year at
record highs -- London, Mexico, many European Bourses --
they're at all-time highs. |
 |
| 12/30/1999 - …Death Rattle For The 20th Century… |
| The Rocket Chips blasted further into the darkness
of space yesterday -- with the Nasdaq closing at a new
record above 4,000. |
|
| 12/29/1999 - Politics Ebbs |
| Eventually it will be over. I'm referring to the
Great Bubble in the Nasdaq. Just look at a chart of the
Nasdaq this decade. The line rises steadily, until late
fall of '98 -- then it goes vertical. |
|
| 12/29/1999 - A Visit From The Ghost Of Christmas Present |
| Romance is not dead -- look at the moon tonight *** Nasdaq stocks rise on a full moon…investors are
moonstruck *** But the figures are all moonshine -- potent, but dangerous |
|
| 12/28/1999 - Discrediting Falsehood |
| The bear went back to work yesterday after a brief
holiday rest. There were more declining stocks than
advancing ones on the NYSE. And 86 new highs against 340
new lows. |
|
| 12/27/1999 - And Idle Memoire--Christmas In Ouzilly |
| Stock markets in London, Paris, Hong Kong and
Singapore, and who knows where else, hit net highs on
Christmas eve. Santa worked overtime. |
|
| 12/24/1999 - The Ghost Of Christmas Future |
| Should I give up my lunatic hypothesis? Some DR readers wrote to tell me that not only was the market analysis foolish… the astronomy was wrong too. |
|
| 12/23/1999 - The Ghost Of Christmas Present |
| How about that market! The Nasdaq 100 rose another
33 points yesterday. The Nasdaq itself hit a new record.
So did the S&P. |
|
| 12/21/1999 - The Shortest Day Of The Year--In The Northern Hemisphere |
| I'm not even going to give you the Advance/Decline
or New High/New Low numbers today. They have become
tediously familiar. |
|
| 12/20/1999 - Clairvoyants Needed… No Experience Necessary |
| Was it a "key reversal day" on Friday? That's what
traders call it when a market reverses course
dramatically during the day…especially on high volume. |
|
| 12/17/1999 - Imagination Takes Flight |
| The bear punched in before the opening bell and did
his work. He took 1,629 stocks down…while only 1,452
eluded him. |
|
| 12/16/1999 - Mammon's Christmas |
| The bear market continues. The Dow rose 66 points
yesterday. Nasdaq was up 50. But the IIX, the Internet
average, fell. And so did most other stocks. |
|
| 12/15/1999 - Following The Trend…To The End |
| Yesterday the Nasdaq took a big drop. The Internets,
too. "The Nasdaq sold off furiously at the close,"
reported the "Financial Times." |
|
| 12/14/1999 - What Comes After Democracy? |
| It was all Lucy in the Sky with Diamonds yesterday.
The Dow was down 32 points. Most stocks fell. There were
438 new lows…and only 86 new highs. |
|
| 12/13/1999 - The Rape Of Nanking |
| The "Financial Times": "The gap between
winners and losers in today's bull market is
widening as more money pours into fewer and fewer
stocks." The "FT" has the right idea… |
|
| 12/10/1999 - Fickle Food Of Fame |
| The spike in techs and Nets is all that is left. And
it is turning into a needle. The Nasdaq, stalled on
Wednesday, managed a minor gain yesterday. |
|
| 12/09/1999 - Is Lucy Really In The Sky With Diamonds? |
| All the arrows pointed down on the financial page of
the "Financial Times" today. The Dow was off just 38
points. |
|
| 12/08/1999 - Nowhere Man |
| I'm on the Eurostar on my way to London. In fact, as
I write this, I'm deep under the English Channel. Nice
train. The 6:37 out of Paris is practically empty. But
the seats must have been designed by a chiropractor
hoping to develop business. |
|
| 12/07/1999 - Pearl Harbor Day |
| The dollar fell back yesterday. The 1-to-1 level
with the euro may be the high for the dollar for this
cycle. Just as 1-to-1 with the pound marked the high 14
years ago. |
|
| 12/06/1999 - Melancholia |
| Oh, what a wicked world…my heart sank on Friday
as the Dow soared over 300 points. How could I be so
wrong? Day after day…I expect THE END…well, the
end of the tech and Net mania… |
|
| 12/03/1999 - No Expectations |
| "How do you say 'sell short' in Esperanto?" That was
the opening line of my July 12 letter in which I
suggested that the Esperanto currency -- the euro --
would meet the same fate as the ersatz language itself. |
|
| 12/02/1999 - The Madness Of The Crowds |
| The Dow rose 120 points yesterday. But the Nasdaq
made up only a little lost ground. It will be interesting
to see if the Nasdaq returns to last week's highs in our
lifetimes. |
|
| 12/01/1999 - Follow The Cannon |
| Reminds me of the `60s…demonstrators being routed by
tear gas and rubber bullets. Curfews. I remember it
well…the National Guard…bottles flying through the
air…hippies…psychedelic Volkswagen buses… coeds…
Did I mention drugs? |
|
| 11/30/1999 - A Potato Bubble |
| Something went wrong…yesterday's letter didn't get sent as it should. But it should have been
received by now. |
|
| 11/29/1999 - The Comedy Of The Commons |
| The important action on Friday was in the currency
markets. Practically unnoticed by the financial press…the
dollar fell to 101.22 yen. |
|
| 11/29/1999 - Of Course…I Could Be Wrong |
| The head of Shamil Basayev is believed to be still on Mr. Basayev's
shoulders, despite the Russians' $1 million bid. |
|
| 11/26/1999 - The Tragedy Of The Commons |
| Since Wall Street was closed yesterday…let's look at what's going on elsewhere. Guess what…same thing! Banking stocks sent London stocks up smartly. In Paris, the stock market rose 3.2% yesterday…its 16th record in 20 sessions. |
|
| 11/25/1999 - Thanksgiving, Anno 1999 |
| The big headline in today's Herald Tribune -- U.S. Economy Surges Ahead…America in
"Overdrive." |
|
| 11/24/1999 - A Better Strategy |
| I am puzzled over the various money supply figures. Some
measures show a huge increase in new credit. Others -- such
as numbers in the current issue of "Barron's" -- suggest
that the rate of growth in the money supply has topped out. |
|
| 11/23/1999 - The End Of Money? |
| I can almost see him…the wily bear with a whetstone…sharpening the Nasdaq spike, polishing
it, honing it…The Nasdaq hit yet another record yesterday as investors took even greater leave of
their senses… |
|
| 11/22/1999 - Doing Your Duty |
| The Nasdaq spike is getting sharper and sharper…that is, thinner and
pointier. Sooner or later…it must reach its pinnacle… |
|
| 11/19/1999 - A World Of Sin And Sorrow |
| Uh…well…whammo…the Dow broke through the 10,942
mark that Bill King had set as the limit of a classic bear
market retracement. We've had three hikes…but no tumble
so far. Just the opposite. |
|
| 11/18/1999 - Is The Pilot Feeling Ok? |
| Wall Street is getting interesting again. DR reader Timothy McFadden reminded
me that I had cited Bill King's prediction on Oct. 7… |
|
| 11/17/1999 - Wacht Am Rhein |
| The Fed not only raised rates, it signaled to the market that it was adopting a neutral bias…and was not likely to increase rates again anytime soon. Stock bulls took this as a green light… |
|
| 11/16/1999 - Cyclical Virtue? |
| Nothing much happened yesterday on Wall Street. Stocks moved down a little.
Gold moved up slightly. The dollar fell a bit. |
|
| 11/15/1999 - The Sum Also Rises |
| A good week for Wall Street. All the major indexes were up a bit. Friday, the Dow rose a big 173
points. Transports, Utilities…everything was up. |
|
| 11/12/1999 - What Warren Thinks |
| The tech stocks continue to spike upwards. Will this be the spike that pops
the bubble? Hard to say. Greenspan is simultaneously goosing up the money
supply…while he threatens the market with another rate increase next week. |
|
| 11/11/1999 - Armstice Day…All Quiet On The Weatern Front |
| The Nasdaq continued to spike upwards yesterday. But the techs and Nets in
the Nasdaq left the rest of the market far behind. The Dow fell 19. |
|
| 11/10/1999 - In The Land Of Pleasant Living…And The Edge Of Madness |
| Investors were sitting on the edges of their seats
yesterday…waiting for the news. What would Amazon do
next? What would justify the $5 to $6 billion in extra
value that investors had added to the stock on Monday? |
|
| 11/10/1999 - Tenth Anniversary Of The Fall Of The Berlin Wall |
| Wow…Amazon, my favorite heart of darkness stock, rose
20% yesterday. The cause? Did the company announce that it
was finally making money? Did it come up with a business
plan to explain how it would make money next year? Did Jeff
Bezos resign? |
|
| 11/08/1999 - The Anniversary Of The Bolskevik Revolution |
| "Microsoft…will use its prodigious market power…to harm any firm that
insists on pursuing initiatives that could intensify competition," said U.S.
District Judge Thomas Jackson. What next? |
|
| 11/05/1999 - Another Million Dollar Internet Idea |
| The European Central bank raised rates half a percent…to 3%. The move was
expected. Central banks all over the world have a tightening bias. As predicted,
the Bank of England raised rates by a quarter point. |
|
| 11/04/1999 - A Million Dollar Internet Idea |
| I'm waiting for something to happen. In the stock
market, that is. But nothing much does. |
|
| 11/03/1999 - No Particular Day |
| Is that all there is? I refer to the brief bear market
rally. The Dow burst up more than 100 points
yesterday…but then sank. It closed down 66. Is the rally
over? |
|
| 11/02/1999 - All Soul's Day |
| Reader Kathryn George straightened me out. All Saints' Day was first
celebrated in 607 by Pope Boniface IV, when he converted the Pantheon Temple to
Christian use. |
|
| 11/01/1999 - It Is All Saint's Day |
| "There is still a euphoric feeling on Wall Street," said an analyst for
Prudential Securities on Friday…following another 109 point advance by the Dow. |
|
| 10/28/1999 - Screenplays Of The Wrasslin' Genre |
| Amazon announced its third quarter results yesterday. The company lost $86
million. Jeff Bezos saw his net worth decline by half a billion dollars…as the
stock went down 6%. Schadenfreude, anyone? |
|
| 10/27/1999 - Poor Jeff…I'll Buy You Dinner |
| "$1 million for the head of Shamil Basayev." That was
the offer made by Russia's top general in the campaign
against Chechnya, who, incidentally, grew up in the Chechen
capital of Grozny. |
|
| 10/26/1999 - Down The River Again |
| Stocks were as dull as dishwater yesterday. Dow down 120. Techs and Nets up a
little. Ho-hum… |
|
| 10/25/1999 - Back from A Rainy Weekend |
| Big day for the Dow on Friday. Dow stocks rose 172 points. Financial stocks
were the big winners…following a legislative deal that will allow banks to
repeat the errors of `29 (abolition of Glass-Steagall)… |
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