bcrafty
"FLACK, you're wearing that black robe again, aren't you?"
Collar pulled up and helmet on.
As for how bad I think it can get... well, I don't want
to scare anyone, because I could be way off.
This market is sagging under the weight of five years
of good times where all you had to do to become a
famous analyst or a successful investor was to
merely recommend and buy every dip.
That's no longer working as many are discovering. Averaging down
is not working either at the present.
When I see a break down of the "tried and true" techniques
I have to wonder if the old plan isn't unraveling.
The market, as O'Neil said (thank you IowaMan for
reminding us) goes up and the market goes down.
But the market also goes through changes.
It's not the same market with the same fundamentals
and money flow as it was last year or the year before.
More money flowing in, more funds created, more information available every day,
more IPOs, more day traders, more young buck fund
managers who have only seen the good times, more margin...
the list goes on.
When the media drags out Abby and the anyone else who
looks credible to pump the techs, I done the helmet.
I'm more bearish short term than ever before.
Will we see 2500 on the NAS? Dunno.
Don't care what the number is. It's the trend.
Sorry to sound gloomy, but it's uglier than I imagined
when I said YHOO could see $60. Geez, that's when it
was over $120!
Have we seen panic? Not yet. But we may. |
