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Politics : Stockman Scott's Political Debate Porch
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To: lurqer who wrote (8025)10/11/2002 10:30:08 AM
From: SOROS  Read Replies (2) of 89467
 
This 2-day ramp looks like options garbage and short-covering precipitated by an oversold bounce. Another way to put it -- Everyone was so depressed that they had to buy. Somewhat like the "patriotic" buying. This is nothing more than responding to the CNBC rally/chant of "the bottom is in." I've heard at least 4 analysts from banks and brokerage firms crying this "bottom" call. Of course, I heard the same ones saying the same thing one month ago, two months ago, three months ago, six months ago, one year ago, 2 years ago, etc, etc. etc. I see no earnings to justify this bottom call. Car makers losing sales at ZERO percent interest. That should be telling stock buyers something about the future! Pain will resume in time, and each time it pushes a little closer to capitulation. I used to think there would be no capitulation, but I have been listening closely to others talk. Right before this rally was the FIRST time I heard a little nervousness in their voices. All I heard before was, "I'll never sell -- the market ALWAYS comes back." I detected the first signs of "scared" before this rally. One more reversal and drop to new lows just could crack this 20 year love affair with the stock market. I agree with Jim -- when CNBC is struggling to stay on the air, the bottom will be in.

I remain,

SOROS
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