Aus and all,
My take, revisited:
The Fed stayed pat on rates and put on a tightening bias, as I suspected they would. The market had a brief sell-off, then came back in a pretty amazing way at the end of the day. This is not the end of the sell-off, however, though there may be a brief rally for a couple of days. We are going to be like a roller coaster for awhile, a really steep, fast rollar coaster, the modern kind. I think we may well get another chance to sell Sandisk in the high 60s or low 70s in the not very distant future, if we're inclined to sell. And also another chance after that to buy in the 50s and maybe even the 40s. I would be extremely surprised if Craig gets a chance to buy in the 30s, but after last year's trip to single digits, you can't rule anything out definitively for a stock like this one. If tech stocks get really tagged for some reason (Y2K scares along with interest rate increases and dollar weakness? I know they shouldn't go together, but this year looks like they actually might! At least, the latter two appear to be occurring before our very eyes.), the yeah, we might be able to wake Craig up if we're not all in too much shock ourselves.
Don't invest out any second mortgages in the market right now.
Best,
Sam |
