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Strategies & Market Trends : Sharck Soup
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To: AD who wrote (25465)5/30/2001 4:10:06 PM
From: American Spirit  Read Replies (2) of 37746
 
Attempt at rally-back failed at EOD. Not surprising.
In some cases I caught the lows of the day but this kind of day makes any long feel battered. Bottom-picking is always hard on the psyche as you have to go against the flow and endure all the negativity around you.

So where does a long find hope? Both in possible technical bounces and also in the fact that like last Q most stocks beat lowered estimates and many reiterated targets. Remember IBM, MSFT, VZ, ADBE, EDS, PSFT and even JNPR. And UIS giving guidance of a nice recovery in the 4th Q. So next Q won't be all negative. Certainly not.

SUNW is a biggie but is in the wrong sector right now. Would have been a surprise if they had not warned. I've been avoiding those type stocks for awhile with the exception of LU down under $9.

Despite all the negative though the selling may soon or already be done. You can see SUNW holding 16 for instance. What's the downside? 15? And who wants to sell below that? There comes a time when the damage is just done and it's stupid not to wait for inevitable rallies.

Also the Fed may make noises about more cuts again. Tax cuts of course and any glimmer of okay news would give us a bounce.

It's been a long time since I remember so much nagative news spin in one day. That may mrean this was a climactic sell-off. We'll soon find out. If not I'm going to lose some money, even though I've been buying only on significant dips.
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