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agreed Crusader... what's even funnier and sadder is that a lot of people thought they themselves were pretty spectacular daytraders... holding on to their "core positions" while playing (always from the long side) with their "trading shares" and sometimes even taking profits. They averaged down/bought the dips. They held onto their CMGI and their CSCO and their QCOM, and their ARBA and CMRC and PUMA and JNPR and VERT and BVSN and ARIA and RBAK and on and on... They watched themselves become geniuses, they dreamt of power and vacations, they quit their jobs, they posted all day, they purchased calls, they got bored with 20, 30, 40, 60 pt daily gains, they thought 200-dollar stocks looked cheap, they speculated on splits, they bought the dip, they bought the next dip, when it dipped further they averaged down some more, they cussed out the evil market makers, they paid their margin calls in cash, they averaged down some more. Many of them are still poring over every day's price action looking for signs of institutional accumulation... Not that they have any cash left to buy whatever bottom... If they haven't been completely busted out and forced to return to gainful, productive employment, they're just barely hanging on, hoping that the fun is going to start up again soon, and that the same people they blame for everything will come and rescue them... |
