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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (2662)3/29/2001 7:02:09 PM
From: JMD  Read Replies (1) of 74559
 
Jay, that was a chilling description of an imploding market and of the emotions that accompany a look into the abyss. I got tagged trading soybeans as a young hell raiser, and in retrospect it may well have been a superb lesson. When you're losing your (highly leveraged) butt, and can't unwind your positions fast enough cause the pros have you in a short squeeze AND KNOW THEY DO--wow, the phrase 'adrenaline rush' doesn't even come close. In absolute terms, I didn't have a helluva lot of money, but on the other hand it was all I had, so screw absolute.
And that's something that makes the current state of the equity markets look even spookier to me. I don't think the kids running mutual funds have the first clue about bear markets. How could they? 10 years of straight up and no redemptions is not exactly what I'd call primo preparation for the spiritually cleansing experience known as having your financial clock cleaned. I'm out of the market these days, having proven to a fare-the-well that my skills as a short seller are negligible. Folks will be 'dancing slow to Rave music' when the 33 year old at Fidelity Technology Fund tosses the last of his CSCO and JDSU overboard. Only then will it be safe to get back in the pool. regards, mike doyle
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