AJTJ99- Given the mass of selling facing this market (tax-loss selling, Japanese repatriation of capital, other foreignors fleeing a weakening dollar, bin Laden fear, negative fund inflows, etc., stocks "over-owned" by institutions)..I wonder if the only way we get a decent bounce now is ENORMOUS fear....better than 1998 levels and approaching/at 1987 crash levels...
There is absolutely no reason to buy here.
If you go back to mid-March/late-March, U.S. equities continued to tank from oversold levels, and Japan got closer to M2M....we are in a similar period now, but have these add'l liquidity problems to face...not good..
One bright spot, obviously, is the Fed's massive pump....but this pump has been going on for a while, and a couple weeks ago, one day the Fed put in the equivelent of 2 weeks liquidity one day, and market absolutely tanked...so, I think the "Fed effect" is quickly losing its potentcy, and, in any event, there is no way the Fed can keep pumping at the never-before-seen rate of the last few days...
You still think that COMPX 1540 has a chance? I am tempted long, but keeping chanting the mantra listed above... |
