JD - Sure its bad to be down again in the $60s but considering this is one of the worst bear markets in history it is relative.
I don't believe that its semis or wireless or box makers its just what Mr Greenspan wanted and worked for and designed namely brining the market to the point that it goes DOWN every day rather than UP. He is presumably happy now and I guess we should all be happy with him since there must be a very good reason why it should be good for there to be a vicious bear market. I wish I knew what it was.
People are now to the point that there only has to be the slightest whiff in the air, one part in a billion trillion that there might be some trouble or concern orr slowdown in revenues or earnings, here , in Europe, in Japan ( been quiet lately no doubt we'll get a bit of that later in the week) , Korea, China, Russia, Afghanistan, the Iraqi army, the North Pole, 20,000 leagues under the sea, the far side of the Moon indeed anywhere or anything and bang whoever owns the stock gets the hell out.
Thats what I guess happens in a bear market. Eventually no-one is interested in buying stock. There was a great guy (oldish man who headed up a brokerage firm) on CNBC this afternoon who said of course you should have got out in March or in August. He is very knowledgeable and wise. And of course he is absolutely right. Trouble is not many people saw this coming including it turns him. Indeed he was honest eenough to say that if he had taken the interview in the morning he would have guessed that the market would have closed up today due to the "technical" features in the morning. Some may have got our no doubt but I bet most didn't but now somewhat belatedly they are getting out painfully with what remains of their portfolios.
L |
