GST
I think most stocks are at reasonable levels right now. The expected '02 earnings of S&P beat the pants out of short term bonds. Also, I think a lot of companies are figuring that the Y-Y comparisons next year will look splendid, and give them a strong rebound.
The margin monkeys have been wiped out, the dumber momo's have been wiped out. The day-traders, grandma's striking it lucky--almost all gone. The kids all set to be stock options millionaires are back to writing Java code and select statements(or carting boxes). The only "excess" in the market is the somewhat smarter momo's who managed to start shorting in time. They think stocks only go one way(DOWn). Unfortunately, the downside for them is infinite!
Yeah, and in reality I ain't too worried about the "holy war". They got _one_ shot, they bruised us, but that's it! We are going to clean up, clean out those responsible, and return to business(which is business!).
Having said that, I am still queasy about buying back in just yet--perhaps the downswing of the pendulum will be as bad as the upswing. Let's see...
Yeah and here's an excerpt from today's WSJ!
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IMMORAL TO SELL:
Meanwhile, some investors simply refused to sell, despite the economic worries spurred by the terrorism attacks. Bob Bogner was one investor who hung tight Monday. The 58-year-old ski instructor and businessman from Aspen, Colo., may even buy more, despite the selloff. "A lot of people lost a lot more than money," he says. "It's only right to hold on, and it would be immoral to sell."
HELP WHO???:
Take David Sackett, a partner at the Tarrance Group, an Alexandria, Va., political consultancy and polling firm. He sent his broker $2,500 to invest in stocks Monday and told him to invest at least $500 in airline stocks, and the rest "in stuff that will help." He still doesn't know what stocks his broker bought -- and doesn't care
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Its a sweet geture, but I hate to see good people take financial hits so some fatcat profits! For chrissakes, why don't these people send a donation to the red cross???? |
