<<Let's see them drive this market up on political news against bank news. ho ho ho>>
If they do that, I'll go rabid bear on 'em later this week.
BTW, interesting Rap today, including comments about what Fido Magellan's Bob Stansky has been selling lately:
Bellwether of the ball?. . . There are a couple of tidbits in the news to pass along. First, on page C25
of The Wall Street Journal, there is a reprise of Bob Stansky's semiannual report for Fidelity's Magellan
Fund. It turns out he's bearish on the whole PC area, even Microsoft, which Magellan's managers have
dramatically cut from the fund's holdings.
In the report, Mr. Stansky observed that technology companies normally see strong earnings at the end
of the third quarter, but also noted that, "'If they are cutting back at that time, they may not rush back in
and spend heavily at the end of the year.'" To that I would only add, Amen. Mr. Stansky also expressed
"concern about 'old-line' tech names whose fortunes are tied to the personal computer market, where
growth is slowing." As regular readers know, he has every reason to be concerned.
Say what you want about Fido, but Stansky is much better than his overpaid counterparts at (j)Anus IMO..... |
