MM:
I share your view,.... it could go either way. And I do not think we folk here in the Vaderian cave are the only ones who are stretched out on their tummies, heads over the edge, peering down into the abyss. Mr. Greenboink and his Fed mates must also be similarly prone and google eyed at the sight.
We all know that sooner or later this piglet actually will tumble down the crater's edge, but is it NOW? Almost too hard to conceptualize after the past two or three years, yet it is not just a possibility, it is a virtual certainty. That said, personally, I don't see the Fed just standing by and not giving it one more huge effort to turn the super tanker. Solely as a result of that concern, I will continue to play small, and have one hand on the "box" button at all times.
In a bear market, being short or in puts over night is usually a pleasure, as the bad news comes after hours. But with the knowledge that Greenspan has the deck in his hands and can toss us some lousy cards, I intend to remain "antsy" until he deals. That said, I think Allan's (and others') comments about the multitude of sundered support points sure suggests that we are very close to a collapse.
Unfortunately, many of us, myself included, will probably miss the big drop as a result of being too paranoid.
Best, Earlie |
