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Non-Tech : Auric Goldfinger's Short List
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To: Sir Auric Goldfinger who wrote (5026)4/16/2000 5:41:00 AM
From: Mike Petriv  Read Replies (1) of 19428
 
I've always been a short and on occasion a long, but strictly for technical reasons. I've been getting a bit ballsy lately, shorting into companies with earnings releases. Most recently: EGRP- daytrader longs going broke and the last quarter is the best they will ever have; SUNW- 90% of the dot.bom companies will go broke and the phenomenal growth will slow; just scalping a few points to satisfy my ego.
In retrospect it is fairly easy to see what happened over the last two weeks: on the Tuesday when the market tried to crash (the dress rehearsal for the week just passed) daytraders bought the dip and margined up in an attempt to recover their losses (the longs are right until their wrong, and then they're really wrong). The next three days the NASDAQ rose on light volume encountering overhead resistance from smarter and more desperate longs. On Monday, some could see that that the emperor had no clothes and by Friday even the blind could see. For the week ahead I see further carnage as margin calls lead to distress selling and complete capitulation. The final act will come when someone says growth in the expansion of the internet and telecommunications is beginning to slow; this will take down the mightiest of the mighty. This will be followed by recession and cash will be king. In the end, reason will have triumphed over faith, reality over mysticism, and Rand and Greenspan will have been vindicated.
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