| | It's not the people "who come home tonight" who matter, IMO, most of them will be happy to hold INTC til kingdom come, I bet, and the lower the INTCs or SUNWs or ORCLs of the world go, the more determined they'll be to hold on until they've gotten their profits back. Something Edwards or Magee wrote about the supreme reluctance of the individual American investor to accept a loss--but who's to say it's wrong, in this instance? I think you have to look instead to the managers who might think things are going a lot lower before they go much higher, and have to think about using pullbacks and rallies to scale out of what they don't want to lose at the (latest) bottom... but I mean, this isn't just INTC--though INTC sure ought to be enough--it's INTC and MSDW just for starters. One to the jaw, one to the midsection... On top of the telecom beating and... and... and...
This market is going to start looking very alluring, whatever's left of it... |
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