Fleckenstein did some cautionary covering today also--from Fleck tonight <<Low-Barrier-to-Blarney Zone: Remove Shorts: Generally about this time every quarter, we enter the "no-news period," when fantasies can reign supreme. Though bad news has just delivered a one-two punch to the telecom sector, we are fast approaching the point in time when it has historically enjoyed a respite, and then those so inclined can make up whatever story they want about the state of corporate America. So, people need to be alert, in case that should start to develop. For instance, there have been many rumors about Cisco preannouncing. If that doesn't happen, then I would expect the nonevent to be spun into good news. After having been short Cisco, I have covered mine, for whatever that's worth. In fact, I covered a number of stocks today.
At-Large Anti-Fantasy Forces: But even if there's no bad news emanating from corporate America, or if it slows down to some degree, bad news elsewhere could affect the tape. Meanwhile, against the backdrop of the fading economic fantasy, stocks still are outlandishly expensive. So in the next couple of weeks -- when bulls like to stand tall, it will be interesting to see what they are able to pull off.>> end copy and paste from his 4/24 column |
