[PRCo] Re: OT----Market

[Jim Holland]

Good Morning!!

> Jim Holland wrote:

>         According to classic Dow Theory (by Charles Dow and interpreted by
> Robert Rhea, George Shaffer, Richard Russell, et.al.), we have been in a
> Bear Market since April--May--2000  --  last confirmed highs of both
> Dow [Industrials] and Transports.   Recent events just 
> *hastened*  the process which *probably*  would have
> happened anyhow  --  recent events most definitely did not cause
> the Bear Market although they may get blamed for it unjustly.

	A Bear Market gives me no pleasure and I hope it terminates soon and
things turn around, but in the meantime, classic Dow Theory says the
primary direction of the market is down  --  and this about 1.25--years
before recent events.

	Also, this slow going war that has been declared sounds like an
immitation of Vietnam.   As such, it will keep the economic wheels
turning (how convenient now that the Dow has confirmed a Bear Market,)
but Not from Consumer Demand, and could result in runaway inflation like
we saw in the 1970s!   The market may stay flat, may go down, or may
even make a complete turnaround, but not because of natural causes!  
Thus the demand on the economy is a false demand with bad results very
possible.

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James B. Holland

Holland  Electric  Railway  Operation
    "O"--Scale  St.-Petersburg Trams Company Trolleycars  &
        "O"--Scale  Parts  mailto:pghpcc at pacbell.net
        Pennsylvania Trolley Museum (PTM) http://www.pa-trolley.org/
    Pittsburgh  Railways  Company  (PRCo),   1930  --  1950
N.M.R.A.  Life member #2190; http://www.mcs.net:80/~weyand/nmra/

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