Earlie from Earlie:
As is their wont, the fund managers have come through for me in style as we end the year. Nothing like a good year-end punt into thin markets to boost a relatively narrow market, thus ensuring acceptable "returns" and hence those big bonuses. Absolutely no change in sick fundamentals, but who needs them anyway? Personally delighted, as this is creating a truly remarkable opportunity.
Every investor now knows that the Asian crisis is over, courtesy of the IMF. Thank goodness for the scintillating, in-depth reporting by CNBC on this topic. Every short should say a little prayer for their wonderful work. Perhaps someone will do the simple arithmetic and discover that the IMF simply doesn't have the dollars to solve the problem, nor the means by which those dollars can be raised.
This little Christmas rally (Christmas present to the shorts), will likely coast into the new year, but will have trouble sustaining itself in the face of Q4 - Q1 nasty numbers. Asia has taken a 30 day holiday, but all those ugly debts will still have to be dealt with. The bears are starting to experience adrenalin rush, but are probably best served through the exercise of a bit more patience and discipline......say a week or two. Hard numbers from INTC should help to get the party underway.
Best of the new year to all participants on the MU forum.
Regards, Earlie
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