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Gold/Mining/Energy : Position Trading in Canada
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To: Sapper who wrote (2048)2/17/2000 8:27:00 PM
From: Ward Nicholson  Read Replies (1) of 2259
 
GAC:

Sapper,

I'll be brutally honest with you here...I don't have a clue.
I lasted flipped GAC in November, and I've been eyeing it
down here. However, I've really curtailed my trading as of
late. I have no feel for this market at all.

I've seen volatile markets before, but some of the sh!t going
on these days really scares me. This is by far the most
speculative market that Canada has seen since the BXM days,
only this time it's in technology. Value stocks are being
driven into the ground by fund managers looking to load up
on the "weekly hot tech stock". Fundamentals truly mean nothing
to this market. No price is too high for some stocks. All
this and the most brutal market breadth divergence in history.
I've been singing this same bearish song since July, 1999. Laugh
if you will, but I still feel the same way. I'm 100% cash right
now just watching on the sidelines. I've made the odd flip here
and there, but with borker execution as pitiful as it's been
lately I prefer just to sit back and watch.

I'll be around, but I won't be in this market when the lights go out.
The tech market has gone parabolic. Parabolas DO have tops. That
is the only thing I'm certain of these days.

WN
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