What's interesting is that all the longs, who supposedly understand the nature of manias and are confident that they can ride this stock until the peak and then jump off just before it goes over the cliff, are still in the stock. . . When it hits 75 they'll still be here, waiting for that last surge upward. They'll still be around at 70, I'm sure, stammering about how much potential there is and about how this is just a minor dip, etc. At 65 I expect a few to get worried, around 60 they'll start wondering if they shouldn't sell, and by the time it breaks 50 some of them may even have to admit that maybe the peak was back up around 90. Of course by then it's too late. . . Isn't this how it always goes?
C'mon Brent, you could say the same for the bears. Bears shorting at $40 saying its overvalued. Stock surges forward, bears say its short term pop, cover and short again. AOL goes down a few points, bears say its gonna drop like a rock and short again. AOL surges up, shorts cover and say its mania, overvalued, hype. Again bears short, and short, and buy puts, etc. etc. all the way up as AOL climbs...bears losing money or breaking even. That's they way it has been.
Now, we won't have to wait much longer for results to come in. Everyone sit tight by the phone to call your broker...
S. |
