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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 681.44

+1.6%

Nov 10 4:00 PM EST

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To: lightwave51 who wrote (79583)	7/6/2001 6:42:08 PM
From: American Spirit	Read Replies (6) of 99985

Who says I'm optimistic? Maybe when we get a new president. I played the last up and down and thought I was fine but only sold half my EMC and got hit hard today. This market is a bitch. Almost no safe havens. I believe it's oversold and there are bargains galore but no one's buying right now. Maybe next week we hope. So I doubled up on EMC just to try and get my money back. But will it work? NOK looks cheap, stocks like SCNT far under cash in the bank value. KMAG selling for nothing. IBM coming into attractive buy range. PALM's always a good trader and is getting ultra cheap again. But who wants to play? Assuming the worst is behind us both leaders and dogs could all be great buys now but that EMC warning was troubling and so was the Marconi. Wish Bush would do something to rally the markets besides hand-outs to the energy sector but he seems unconcerned and unable to communicate optimism. Focus #1 ought to be the economy stupid. Nothing else will work if we continue sliding into recession. Tax breaks are a given but they have had no positive effect and the energy gouging took care of any excess. Only so much Greenspan can do by himself as we wait for recovery time probably in the 4th quarter. At least oil prices are coming back down thanks to the realisation that the "energy crisis" was all a big fraud perpetrated by Texas fiends of GW on the rest of us. That's going to lead to a huge scandal once investigated and politicized. But I own oil stocks so I'm not cheering either. Thought they'd be a hedge and they weren't. Basically everything sucks out there but I wouldn't short at these levels either. Recovery rallies when they come may come fast and furious. But we need leadership, folks, at the top and we're not getting any. I'm not sure what the government can do but at least some spirit of credible cheer-leading optimism ought to be kindled. At least a show of expertise in telling us what is happening and how it's going to be resolved. People are in big-time malaise right now. We need action. We can't afford Star wars, Faith-Based Programs are never going to work, polluting the environment isn't an answer. There just has to be a bigger effort in helping the general economy rather than spending all their time raising soft money from special interests. At least we can expect Greenspan to keep cutting but when key US tech companies are gasping for breath something besides tax cuts for the rich needs to be done. Maybe I'm thinking too politically but is it a coincidence this market has sucked since Bush went ahead in the polls? And has Bush ever once been to Silicon Valley to try and show some pride in our #1 industry world-wide? All he's done is have his cronies cut off the power and crash servers. I'm sure people in Texas and Oklahoma are happy (for now) but who else can be? This is the Age Of Malaise. Not optimistic at all though I do think there are bargains which will eventually prove very profitable.

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