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Technology Stocks : JDS Uniphase (JDSU)
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To: Jill who wrote (9018)4/16/2000 10:46:00 PM
From: t2   of 24042
 
Interesting is an understatement...I find myself horrified and fascinated at the same time, and I'm part of the train-wreck! As is anybody who's not all or mostly cash right now.

Jill, Now we know there is panic. That is a sure sign of a bottom. I think those that overeact to the moves in the morning are probably going to lose out the most.

If there are cash stock piles and mutual funds have already bought puts (remember the put/call ratio being very high), that means the selling has already happened last week.

I saw Allan Chernoff (CNBC) give 2 reports in the week. The first one earlier in the week stated that the put/call ratio showed no indication of a bottom. However, his last report on Friday had a comment on how high this contrarian indicator was.

Remember that fund don't have to sell their positions; they can hedge to a certain extent which in returns automatically results in selling in the market.

I am looking for bargains. if the decline is steep, I plan to go fully margined (with some protective puts) into Tuesday.

Jill, I also feel that fear as everyone else who is long. That makes me thing that a lot of investors are in cash already (or have puts). Who is left to sell--a few more who got margin calls but I don't believe there are any mutual funds ready to do selling at this point. It is too late to do that. All we have left is some traders and they like to be flat after a short period of time (or even by day end if daytraders).
No big sellers = a bottom.

JMHO. Good Luck.
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