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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: RR who wrote (37492)6/5/2001 1:47:23 PM
From: abstract  Read Replies (2) of 65232
 
<Orders in to buy July QQQ puts>

Whereas I always wish you the very best, the innuendo I glean leads me to believe you will sell those puts by the end of the week.

I see large pent up desires for people to spend money.

I have clients acquiring $40,000 paintings with bonuses they will not get till year end.

I see the chief legal officer of this thread's favorite computer company buying expensive art.

I see museums shepherding donors so that they can make substantial acquisitions (and the people are stepping forward in a big way).

Art isn't something people "need." It's something they want. When money gets tight they can certainly do without. If people are spending money on art, it's usually discretionary. Heck I even have a 6 month old bill from a dot.com company that bought art for their lobby last fall that just got paid. (No wonder I am feeling optimistic:)

Lawyers I sell art to who work with intellectual properties tell me the incubators are getting going again.

The signs are there.

I agree that this is a directionless market.
I agree that the economy is not (yet) healthy.
I concur that the market will vacillate for a while (I prefer to view that as building a base).

My experience is that once the foundation is in, construction rarely goes down - it goes up.

And that's were I think we are. Maybe not this month - maybe not this quarter. But the momentary balance between optimists and naysayers will shift to the positive.
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