Hi Larry,
I got bearish earlier than you, in 1999, and sold off all tech holdings for family members like my Mom, while continuing to trade for myself. In retrospect, that was early, my Mom owned Intel and AMAT among other techs purchased in 1996, so although she had very nice multibagger gains the stocks in some cases more than doubled again before the plunge started. I just could not believe what I was seeing back then, having started out during the '73-'74 bear, and having seen a couple manias, especially in oil. Those turned out to be NOTHING compared to this one. In any event, my Mom is once again bugging me to buy her some tech (she got into IBM at 40 5/8 back in 1993, which is 10 today after two splits) so I listen to her <ggg>...
As for the 1800 point scenario, yeah, that on top of the 14% that just occurred would put the DOW within hailing distance of the entire percentage downmove in the '73-'74 'BIG BEAR' over little more than two weeks, so I just can't see it. If things settle down I'm a short term buyer this week no matter what. Probably stuff like Intel and more debt free telecom equipment, which has acted well over the past month and which I have been buying...
Good luck to you also,
John
PS - Although based on your posting I think you make your 'own luck' <ggg>... |
