I dont know if I agree with you in the opinion that most people are gloom and doomers.. CNBC told me 3 times yesterday morning that the 'word' is the shorts were covering positions, and if only the buyers would add to that blah blah..
On top of that, all my friends who took a beating in the last 6 months are all starting to call again.. and right where they left off.. Is YHOO cheap? AMZN? EBAY? QCOM?
I am at 90% cash right now so it just goes to show I havnt the ba**s to take a stand here, but as much as everything looks real temping to jump into here- I gotta tell ya, it really IS bad out there and I dont think anyone, not even mr G can safely speculate how this economy will settle in the next few months.
I work in the manufacturing sector and some of our customers include CSCO, JNPR, SCMR, NT.. 3-6 months ago it was nothing but rah rah rah/order order order.. We had trouble getting enough help in the warehouse, it was like a dream come true.. And in a matter of weeks, it was as if a switch was thrown and none of the above were ordering anything except essentials and special orders.. but to use words like 'stunning' or 'horrifying' would really not even describe how bad it is.
So im not running out shorting the world, but at the same time- I here alot of technicians talk about the lack of panic/fear being a missing ingredient for the bottom.. And I look around and see the cars and houses and boats and credit card debt that is astronomical.. and I just step back and wonder what the HELL these people are going to do if we slip into deeper trouble here.. |
