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Technology Stocks : Qualcomm Incorporated (QCOM)
QCOM 159.62-3.9%3:59 PM EST
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To: PoetTrader who wrote (104463)9/12/2001 1:00:34 PM
From: Wyätt Gwyön  Read Replies (1) of 152472
 
hi PoetTrader,

One way we can fight is NOT TO SELL at the open...to help stabilize the markets. If everyone on these threads agreed to stand strong, we'd help the markets...God knows we need it. Start spreading the word.

i am afraid that logic is a bit too much like the "let's all hold hands and buy an SUV to save the economy" argument. market prices are there to reflect a balance of risk and reward. so shall it ever be.

IMO, and i believe many others now feel this way, our country is a lot more dangerous place today than it was two days ago. it follows that if our country is more risky for us, it is more risky for the companies we invest in. hence i believe equities should be regarded as riskier than before. it follows, then, that equities should carry a higher risk premium than before if i am to regard them as attractive. translation: equities need to be cheaper.

note that most of the Plunge Protection Team's focus is on avoiding a market panic when markets reopen. people like to point out times in the past when the market tanked after a political event and then quickly rebounded. but the fact is, the markets were not discounting the kind of event risk we saw yesterday. that risk needs to be priced into equities, IMHO.

having said that, i already thought equities were overpriced based on historical comparisons. so the main change for me is that i believe the market is now even more overpriced than before.
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