Stcgg: "Bears are Bulls at Heart" - Wow! Now I've seen everything. I thought people were surprisingly complacent about this 8% down day for the Nasdaq, and this really confirms it for me. The number of posts on this thread was maybe a little higher than usual, but nothing special, and the tone has been pretty calm. I've seen more fear a few times before in the past year.
Why the calm? Is it because the Dow has gone up? I seem to remember a month ago nobody cared about the Dow dropping because it was Ye Olde Economie, obviously irrelevant, all hopes were pinned on tech. Now tech "was due for a correction". The Dow represents true value.
Also there's the fatigue factor. There used to be regular talk about a crash on this thread (yes, that was me!), then the topic got tired, and now it's only a memory.
Memories, memories. The COMP has now dropped 18% from its high, not as much as it dropped in 1998, but it's getting there. I seem to remember more concern at that time. Some people considered the Nasdaq overvalued at 2000. Was it? Most people now would say not. Is that a more objective perspective?
I know I'm less worried than I used to be. I went mostly to cash a couple of times and wasted a lot of money on puts, but now I'm staying long, I just rotate from one sector to another. Is that a wiser perspective?
We now have people on this thread saying (in effect) that market direction doesn't matter anyway, it's all a question of picking the right stocks. I've been having that thought myself. We've got a bad case of market direction fatigue.
And by the way Stcgg, if this is the bottom, "end of wave 5 down", is this what you were making such a fuss warning us about? Have the clowns been destroyed? Is it time to dance on their graves, or are they already just a vague memory?
Fun-da-Mental |
