I think Cramer's right about that. When those stocks bounce at all, and sometimes they do for a while, the volume starts to heat up. Distribution. Somebody out there saying, "We're not selling at the bottom, so just get rid of it."
Abelson, of Barron's, may have said it best. I'm not actually quoting here, but words to the effect of "technology drove the great boom of the late '90s, but now there is nothing on the horizon to replace it."
But if you're a trader, and JDSU drops to your shoe size and you say, well, what the heck, then sure, you can make money on the long side.
But the fundamentals will never be what they once were, and so the conviction of the investor will never be what it once was.
That's my take on it, anyway.
PB |
