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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: marginmike who wrote (13682)7/22/2002 10:16:49 PM
From: russwinter  Read Replies (1) of 19219
 
I went ahead a bought a half position today in RD as well at 41, and P at 46 and change. Had some MRO left over that I bought last Dec, but didn't unload and so averaged down at 21.50 to a full position. I think those are compelling values here, but the problem with those names in the short term may be that they are getting caught up in the index selling that I spoke about as being a risk per my June 3 post. Just too much money trapped in indexing trying to find the fire exit. Best bets in energy may be non-S&P 500 names? I think that's true generally as everybody has sold the more obscure stuff and "no earnings" plays already. JT's been kindly posting the Rydex numbers and about 85% of the 2000 asset level in biotech is in money heaven. Of the Joe and Martha Sixpack crowd, who really own biotech now? Nobody, and as a result they have been started to be better relative performers (at least they're flat) since end of June. Right now they are just drifting on the quiet end of the swimming pool away from where the drunks are thrashing around and drowning. Joe and Martha are getting down to the so called "solid" names like JNJs, MSFTs, and the Citicorps ( I covered my JPM short today) and that may take awhile as there is so much money in those.
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