re: The market has been wobly (sic) since the end of August and now its (sic) really got something to worry about.
Yes, this is the sound of the other shoe dropping.
Lots of posts like yours on SI this evening. To me, this smells like Capitulation Day coming up. A slow slide since the early-2000 peaks, on all the market leaders, ending with a spasm of fear. Panic selling across the board tomorrow. I'm a cautious guy, 99% of the time. But, when these things happen (once every year or two), I'm out there, loading up on out-of-the-money LEAPs and margin, in the most-hated growth stocks (QCOM, right?)
The really funny thing is, interest rates and oil have just peaked, IMO. The Fed has given very clear signals that they think the economy is now slowing nicely, and they are done raising. At prices over 30$/barrel, powerful correcting forces (tapping the Strategic Reserve, maxing out production and exploration) will push the price back into the long-term range (15-25$/B). Just at the time the reasons to fear are ebbing, the fear peaks. This is going to be a buying opportunity not seen since October 1998. |
