Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Pancho Villa who wrote (4254)	3/6/1998 12:02:00 PM
From: Roger A. Babb	Read Replies (6) of 18691

Pancho, maybe we just need to get out of the way of this irrational market. INTC and MOT miss earnings and we go new new highs. We know that DELL and many others will miss earnings now. But that does NOT mean the market will go down. New paradigm: lower earnings today means higher growth rate and thus higher price. My experience with ETEC a few weeks back will now be repeated with many companies: miss earnings and price goes up. We have now entered the "tulip phase" of the market. Earnings don't matter. It is simply an auction market and any stock is worth what someone is willing to pay for it. This phase will end with a big and sudden crash. It could be Monday, but it also could be next year at 15,000 on the Dow. Not rational. Not predictable.

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