Thank you for posting Cramer's comments, Richard. One paragraph in particular struck me:
"But I think the record-breaking volume on this "core-holding in tech" shows that the big guys are in my camp. They want out of their overweighted tech positions. They are nervous. They want more safety, more non-tech S&P 500 stocks. They want into the drugs and foods. And the bonds. They want no risk between here and yearend."
My emphasis. That is why I continue to think, as I wrote a couple of weeks ago, that this battering of tech stocks will last a couple more weeks, maybe even a little into the new year. At some point, though, all those sellers will be back with a vengence. Slowly at first. But for those companies whose stories are still intact, with a vengence. People can't simply ignore tech when that this where the growth stories are. Needless to say, the growth stories had better be mostly intact. If they aren't, then the whole market is toast, and the best buy today would probably be 30 year strips, if you can get them, or at least the longest bond you can find.
Of course, for this thread, the question is, will the tape story shine brightly enough to overcome the drive story? |
