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Politics : Formerly About Applied Materials
AMAT 322.32-5.6%Jan 30 9:30 AM EST
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To: Sam Citron who wrote (43591)3/12/2001 5:41:41 PM
From: LemurHouse  Read Replies (1) of 70976
 
<<<What do you do on that capitulation day when you see your tech stocks down 20% on the day? Fold 'em, hold 'em, or buy more?>>>

Frankly, that's pretty much what I'm waiting for at this point. If not the big one-day drop, then a continuation of the downward grind until we get capitulation. Mr. Market is developing some serious momentum on the fear/greed pendulum -- we're getting shrill reports from the popular press, friends who were asking me what to buy 12 months ago, are now asking me whether they should sell. etc. etc... All in all, I think we're setting up for some rather attractive buying opportunities.

I'm keeping my powder dry and I'll be ready to buy when and if the true capitulation comes. As much pain as there already is out there, I don't think we're close to the bottom yet. Maybe we're getting close in terms of absolute dollar values in the NAZ, but the overall market's still gathering steam to the downside and I think there's still some time left before we turn. All the rending of hair and gnashing of teeth has frankly started me salivating like Pavlov's dog. Did anyone see the much-balyhooed MSNBC Sillicon Summit last night? What a joke. We may not have hit a bottom yet, but you can feel that its coming.

FWIW.

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