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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who wrote (50914)12/22/2000 9:46:51 PM
From: Earlie  Read Replies (1) of 436258
 
Luc:

Under the heading of "even the blind squirrels get lucky now and again", I sure am glad I cleared out virtually all of my short positions over the preceding few days. It had nothing to do with being smart or observant, but merely preferring to take profits "early". Sign of encroaching age (g)

I took advantage of today's potent rally to take on a "first third" position on some of my favourites, including JNPR, CIEN, CLS, ADBE, JDSU, etc. Nothing aggressive, but I simply think that short covering provided much of the days' push. Many short players have been as nervous as cats but reluctant to give up positions that became more profitable each day. Of course once it got moving with gusto, then the bulls joined in.

Unfortunately, the problems for the bulls won't go away. Ranking highest at this end is the stunning amount of stock that is coming out of escrow. It is a mountain of guaranteed selling that will overwhelm the "rate cuts" that this nutty market expects (and that I think are going to be very difficult to create,.... look at the dollar's difficulties already). Nor are the warnings going to abate. This current spate of same is just the beginning.

I note a bit of discussion on the thread pertaining to the possibilities of a recession. All the stuff we track at this end says that we are already well into it. Haven't seen things come unglued so quickly,....... ever.

Best, Earlie
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