Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: UnBelievable who wrote (59323)	1/18/2001 3:43:50 PM
From: chic_hearne	Read Replies (2) of 436258

I've Decided That This Tech Market Is Never Going To Go Down To Reasonable Levels. There's just too much money out there chasing dreams and hope. This mountain of money is too much for reality to overcome. This mountain of money is chasing only a handfull of stocks. Does it matter if a company can make money? Does it matter if the accounting is ethical, let alone legal? Does it matter if insiders are tripping over each other to dump their shares? Does it matter etc, etc, etc, etc... I've concluded that all you need is a kinky name for your stock, a fast talking CEO, a good PR department, and you must be in the tech field. Hell, even 3 out of 4 is probably good enough. This can be evidenced by today's action in many stocks. Let's take Yahoo for example. What is a company worth that's going to have NEGATIVE 20% EPS growth for the year? Apparently, the market is telling us a trailing P/e of 70 looks good for a company like this. There's no other way to describe the market action than to conclude that there's just too much money chasing too few stocks. Yahoo gets bought because mufu managers have to buy tech and maybe Yahoo looks like a value at this level when you compare it to the other trash they could be buying. I don't know I guess. The bottom line is there's way too much cash and way too few stocks for us to get any form of capitulation. J6P and the wall street crooks seem to be insisting on losing it all before we have a bottom. The next big scare (whatever that may be) will wipe out all the ClownBux getting long over the last few weeks. Then we will hit Naz 2000 or some other level where the suckers (those that are left) feel like it's safe to buy again. Then there will be some event that causes another move to the downside. And so on. Someday we may actually bottom, but it literally feels years away.

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