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Strategies & Market Trends : Piffer OT - And Other Assorted Nuts
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To: Jorj X Mckie who wrote (35970)5/26/2000 10:54:00 AM
From: Original Mad Dog  Read Replies (3) of 63513
 
Before I leave for golf, a coupla things.....

These last two days sure look to me like the result of severely damaged market psychology. Nobody wants to be seriously long heading into a holiday weekend, especially with summer coming up.

But holiday weekends, even when they are spent on holiday, give people a time to reflect and to absorb shocks to the system. While people are fishing and golfing and sailing and ingesting animal fat slathered in condiments, some back corner of their mind is often reflecting upon and processing the information that the conscious mind doesn't even want to think about. Like the past two and a half months of the market.

And when that process is over, I think people are going to realize that while the promise of tech stocks was overblown in December through March (Did anybody really believe that QCOM was worth $800 a share?), there are many instances where the carnage was unjustified. QCOM in the low 60's is one of those instances. Some others:

EXDS in the 50's
SFA around 50
CMGI (maybe) in the low 40's
CLRS with a $300M market cap and $250M in cash on hand
SUNW if it gets back into the 60's

I am very tempted to put CSCO on the list because it is such a great company, but it's not really a steal even in the 50's IMO.

There are plenty of others (any nominations?). It may be a violation of Piff principles to be buying right now, but I really think that today and maybe early next week are opportunities to profit (especially on the establishment of long term positions), not danger signs of a calamity.

JMHO,

MAD DOG

And now, off to the links ....
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