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Strategies & Market Trends : Making Money is Main Objective
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To: Softechie who wrote (1649)9/13/2001 11:46:11 PM
From: James1000  Read Replies (1) of 2155
 
I have to wonder if the NYSE is operable right now. I know GrantsInvestor.com located at 30 Wall Street is down right now because of the telecom damage. It could be that the NYSE network is down too. Hopefully their backup system will work if it hasn't been fixed by Monday. If multiple fiberoptic backbones were destroyed it could take an entire month for the system to be back to normal.

Furthermore, I am disappointed that the market wasn't opened today. I fear that sell orders will just keep building and building until the open. I think they could have contained the Dow well under a 10% loss but now I think the loss will be 900+ points and the Nasdaq will be down 15%. Money that was supposedly on the sidelines(I don't believe it) will now be waiting a LOT longer to enter the market. Their may be a little patriotic buying but new investors thinking of entering the market will certainly change their mind. I am an optimist but still think the markets will be down very sharply by the end of October. I do not think the few days and weeks following the downturn to come will lead to a rally. The market may hold from November to March but after that I expect it to fall to where its true value is.

Even if tech spending were to increase 10% over the next five years it would not matter because that is what the market has priced it to do. Intel is one of the most overvalued companies. Its sales have to increase 20% a year to justify its price. That is not going to happen and that is why I am short INTC.
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