Good morning Jim and Bum,
I put on a slice (short) of EVG this morning at 35.50, aside from that I'm not doing a whole lot except watching the general markets slide.
In general I look for catalysts which may reverse the trend. Yesterday there seemed to be an orchestrated move at about Close Minus 20 Minutes to take things north, but it will take time for the shock wave and all the after shocks to move through the economy and the American psyche. I fully expect an overreaction to the downside (we were rich just two weeks ago, now we're poor, that kind of thing) which will play out in retail sales, vacations, hotels, malls, real estate, car sales, steel, consumer durables, you name it. Any catalyst I look for is a catalyst for Down, not Up. As for cash on the sidelines, we've been hearing that argument for a tech rebound at 4500, 4000, 3400, 2800, 2100, 1800 and now 1500. At some point a bottom will be put in, but not because there is itchy cash on the sidelines. It will be put in when there is no one left to sell, imho. Don't look for it soon.
If you could buy stock in churches, you'd have a triple or more, easily. You'd do even better if you could invest in pure paranoia, but other than ammo makers and gas mask producers, how do you do that?
Some talk of Japanese repatriation of capital today, the dollar will weaken, no doubt.
Kb |
