I feel compelled to send out this note from one of my favorite "perma-bears" as it seems we are on the eve of yet another grand rally in the markets tomorrow. For the traders in you, this should be interesting (Investors?! Shame on you for being in this market! =smile=). I think Fleck's characterization of the *potential* phases of market fantasy are pretty spot on. I also thought you might be interested in another summary of what really goes on during these earnings "dog and pony" shows - especially when companies are trying to hide the real deal.

We are about to see bears and bulls collide: positive technicals vs poor fundamentals, the "sell in May, return in the Fall" folklore vs the "second-half dreaming" crowd. Should be interesting, if not outright explosive....

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Market Rap

Guileful Guidance Targets the Gullible

By Bill Fleckenstein

Special to RealMoney.com

04/15/2003 06:05 PM EDT

URL: http://www.thestreet.com/p/rmoney/marketrap/10080615.html