Don - FWIT my perception is that due to the combination of gold down, financial concerns of certain economies, tax loss selling, shorters, central banks selling/lending, unknowns about the European common currency, rigging of the markets to hold some of them up, rigging of gold price to keep it down so it can't be taken as a safe haven, have give the shorters the confirmation that they can short just about anything further down and make money. So the only game worthwhile here is to try to pick the bottom, and hope that things recover in 1998. I redid Fagans list about a week ago that shows the cash rich companies. His list was based on Aug data, so without spending and comparing the market capitalization to the cash gives even more companies now, and things have changed drastically in the past week. If gold does go down to $280 with about 3 more weeks of tax loss, this is going to be the bottom-fishing derby of a lifetiime! The difference now is that you can buy bottom-fish with more money in the bank than the market capitalization.
If there is a turn around, some of these companies will simply double overnight. |
