HI Dale; Just looked at my super caps, with the Mo Mo effect, last
Oct they pulled back 16% , from their 52 week highs, most of them
eased down before OCT , and so when the OCT correction came they
didn't have that much more to give up. But from OCT to July this
bunch went up 40% , and they are now down only 11.7% and could easily
give up another 5%. This correction has been more in the smaller
cap area so far, and that could go on until these super caps
give up some more. Indexers indexers..buy more of the high flyers
as the market goes up, and many other funds follow..regardless of
value. Mo Mo up, has to Mo Mo down.
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History don't always repeat itself, as for the mad buying that went
on in Asia before all of this, well that was bound to lead to some
mad selling. Japan had a crony market and still does & the
people have caught onto it and don't trust their gov any more.
They may do a lot of bleeding yet.
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This blind trust we put in the Fed Reserve has baffled me for some
time, they have a self serving interest and it's aimed at power
and control, to the extent it over rides the public interest, we
are just lemmings as far as this Privet Fraternity of Bankers are concerned.
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If we don't bounce this week we have more down side.
Jim
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