Frank,
Like you I'm ashamed of my PGO, but not every share. I'm still proud of the batches I bought at 38, 47 and 50 cents, since they still show green most of the time. It was those earlier "bottoms" that I bought which I am still deeply ashamed of.
On the broader markets' moves, let me be the big guy and say how wrong I was about the power of this bear market rally and the power of the forces orchestrating it. I wuz wrong, vot a rally. When a rally can shrug off the 2 weeks or so worth of real lousy news, rally continually off bogus news (pls recall IBM of a few days ago) and now get ready to feast on really juicy pieces, like elections, rate cuts, oil price amelioration and some "putting off" of the inevitable in Iraq, then it's one powerful rally. Here's a longish view of the Diamonds:
stockcharts.com[w,a]dbclyiay[d20011101,20021101][pb10!b50!b200!i!e7!f][vc60][iut!Lh14,3!Li14,3!La12,26,9!Lb14!Lg!Lc9!Lf15]&pref=G
The VIX is down to 32 and falling, all is right with this rally, short term, it would appear. Shorts are getting smacked here, and almost any long position looks good, again for the short term.
Smart guys around the boards seem to believe (and who am I to question?) that the good news (elections, rate cut, MSFT news, oil prices) will conspire to calm and soothe the markets, at least long enough to convince the consumer to keep pulling out his Mastercard ("Priceless!") during this Xmas shopping season. The war will come in January (just like George I's did) and maybe that will be bullish for the economy, passing the baton on from the consumer (by then moribund) to the defense, energy and other manufacturing industries?
Longer term the question is, when the music stops, how far will the indices fall at that point? (I realize that point, which may be in March 2003, may be beyond the interest of this and other groups).
Kb |
