It's been exactly one month since this correction started with the genomics sector. The correction has been very painful, but was due. Still I want to blame those two free world idiots, Clinton and Blair, for their loudmouth support of the bureaucratic Human Genome Project. Then the following week Abby said she would trim her tech holdings by 5 %. Following week, the DOJ started a long process of killing off quite possibly the greatest capitalistic institution there ever was. This week, Sherlund, Blodgett, Forrester and every no-name analysts are piling up to bash up the techs. We bulls have been mauled and mayhemed, but we are not dead, YET. And the poor folks, who got cleaned up on margin are doubly depressed, because by Monday, they have to find money from somewhere to pay the taxes on the 'gains' that they had last year. Quite possibly, they may not have cash for those gains.
This thing has been played to perfection by the market forces. Little bits of news snowballing into titanic fireballs. People, including myself, who had all the confidence in the world to get out of the market at the right time, could not see the freight train coming. This train has finished off people on margin left and right. And even the non-margined ones, are 60% poorer than a month ago - every percentage point drop in Nasdaq accounts for 3% drop in Net,tech and genome centric portfolio.
The only light at the end of the tunnel is that the put/call ratio has now gone up to a whopping .72.
Oh market, how I still love thee. |
