Analysts are panicking, and, in a great show of prophetic courage, downgrading everything that has already plummeted. Analysts tend to follow, rather than lead, the market. Today, I thought the bottom had fallen out, and thought, as I got margin calls, that I'm watching Oct '87 once more. There has been a strong recovery and I still think that the shorts are getting squeezed.
The rules of ST investing have changed, and I wouldn;t be getting margin calls if I knew them.
There are substantial short positions in the techs, and any semblence of positive news will, IMO, change the direction of the market. I still believe there is little bad news left.
fred
OT OT
I define a liberal as one who would rather pay $50 in taxes for a good road, rather than $5000 for a car with a good suspension system. I have lived in Europe and think our level of public services--parks, highways,day-care, support for the arts is a national disgrace.The city of Berlin used to budget over $500 million for the arts, while the National Endowment in this country was $125 million, and was attacked by Gingrich and his contract on America. |
