Gil, certainly IBM isn't considered a "growth stock" any more but it is still widely held by institutions and those from the old school who still believe in big blue. I love to see the complacency on Wall street when a 90 billion dollar market cap gets hit with close to a 10 percent move and most people could care less. I spoke to a person in my office today who owns IBM and is what I consider an novice investor,(holding IBM for retirement mainly) and thought that the market was crooked because IBM went down so much, like stocks aren't supposed to go down.
I think APCC was up today because compaq and dell and a few other small high techs are holding their own. "I still don't believe that this is going to be the trend for the next 6 months". I believe that even the small caps are going to get hit and then I think that they will make a recovery that last part of the year when the large caps will be the laggards as you suggest. I just hope that my own company's stock doesn't get hit too bad, MCSC, because that is the only stock that I own at the moment, except for my gold mining mutual funds, which are screaming so far this year, thank you very much. (you know I shouldn't have said that because I will eat crow tomorrow when I get smashed).
I don't predict gloom and doom, nor do I wish for it. My best scenario is that just a bit of air is taken out of the so called speculative bubble. (while of course my gold stocks double or so over the next few months).
Clinton is looking weaker every day, our country is still 5 trillion dollars in debt and most Americans are in debt up to their ying yang. Idiot sport atheletes are making ungodly sums of money and mutual funds are promoting WEB based training that is as good as and sounds like a women having sex, that is my sign of a speculative top. I hope that commercial will play if we ever get a big crash, I don't think her screams of pleasure will sound so good when people lose 30% of their fortunes in one day.
So, I will just sit and wait and store my nuts and acorns for that cold winter. If that cold winter never comes then I will just be a fat and somewhat puzzled little squirel trying to sell American Power UPS systems to the world wondering how I can ever save for retirement losing 50% a year with gold funds and making 5% in money market funds. Thank god I can already retire at the age of 35 if I really wanted to. Maybe that is the reason I am so patient to wait for APCC to hit the low teens again and for the day gold will make a come back. Well, thats my story for the night, Microsoft is only down a buck in overnight trading after their earnings report tonight, much like I said last night, will be interesting to see who the high techs play the move tomorrow.
Have a great day trading,
Phillip |
