Brian,
Is it a large cave? Maybe you need some company?? <packing camping gear>
To me, this is an example of momentum going in the wrong direction. I know there are a lot of "momentum" traders out there, but I'm really not one. Today, many good and great companies are getting blasted for no fundamental reason, in my opinion.
Unfortunately, what I heard today on Power Lunch scares me more: Lots of good companies suddenly going cautious in their public statements! Excuse me, but nothing important has changed yet since the glowing reports of recent history. Indeed, the Fed hasn't event raised their rate the 50 basis points "everybody" is expecting! Maybe the Xicor story is indeed the beginning of the flood?
I'm getting all my coins into a pile, I think there's gonna be some real bargains out there Real Soon Now, and I don't mind taking money from panicked investors.
Related information: I got a chart in a newspaper report from Jan 18, 2000 (WSJ, to be exact) that compares the '29 market, the 1989 Nikkei, and the current NASDAQ. Of course, on 01/18 we didn't know about the current correction; but if you add that to their chart, the similarities are frightening! Remember, the Nikkei dropped only 60% from that high, the '29 DJIA dropped into negative territory (over 150 in '27, down to 50 in '32). If the similarity can be used as a "predictor" on the NASDAQ, we may not see bottom for several months, and that bottom can be expected somewhere between 1500 and 2600.
Food for thought, but not the filling variety....
Mitch |
