Hi Dennis: Excellent post. As I said earlier today, it will be difficult to re-capture the serenity of the 2nd quarter of 1997, during which the market received some of its best economic news in history...
tax cuts, disappearing deficits, low inflation, collapsing gold prices and probably the first time in milleniums that one could honestly say there was not a war to be found being waged anywhere on the planet.
How quickly things can change. Trouble is, when the panic begins as it has an in-numerable number of times this century, it always seems like the end of the world is just around the corner. My philosophy has become, no matter how bad things look if your indicators look right and they say buy, then buy...because either the end of the World has been postponed yet again, or if it'f for real, what difference will it make anyway. And never forget, you can always hedge your bets and buy bonds or even Gold...dare I say the word.
It was not two weeks ago as tech stocks were receiving their second caning of the year, that I posted right here: As sure as Winter is followed by spring, these dark days will soon be over and better times will come to pass. As I was staring in disbelief at WDC crossing below 20 and AMAT being slammed down to below 29, even I was surprised at how quickly the World returned to normal and I have to say I have been impressed by the rebound in many beaten up issues, not to mention the significant number of out-performers that continue to make new highs.
rgds
Wiz
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