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Technology Stocks : Intel Corporation (INTC)
INTC 40.51-7.4%3:59 PM EST
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To: COMMON_SENSE who wrote (167265)7/1/2002 10:15:32 PM
From: John F. Dowd  Read Replies (7) of 186894
 
Common: We went from very heavy volume up days to one weak low volume day in a matter of a few days. Did you throw the low volume disinterested switch last night or was it some one else. Anyone who offers a sophomoric opinion on this market is just that. I have been investing since the late 70's and I have never seen anything like this - we are in uncharted waters. This will be the 3rd calendar year of decreasing stock prices - hasn't happened since WWII. What makes this all the more unusual is that we have a nicely recovering economy with low rates and no inflation. Main Street for the first time ever is ahead of Wall Street unless WS is sensing big time deflation in which the value of all assets heads downward with respect to cash. This is not a good condition. I warned of this possibility when AG started ratcheting up the rates when they didn't have to be raised. I attribute a lot of the present malaise to the media that in its desire for restoration of investor confidence continues to pour gasoline on the fire of Enron and WCom et al in its effort to wring the most emotion possible from these "stories". There are professional $ mgrs. sitting on 2 trillion in cash equivalents at 2-3%- this cannot last for long. Sooner or later most likely sooner the game of downward chicken will end and they will be falling all over each other as they rush back to the market. But I must admit I have taken a terrible beating waiting for the tide to turn as I said I have never seen such a persistent bear market. Good luck to us all. It all rides on perception for the economy has turned.JFD
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