Mike:
Looks like the "company-specific" problem is spreading (g)
I've seen a lot of crazy things in my life, but Friday took the cake. INTC warns, MOT warns, TXN warns, AMD warns, Read-rite warns, etc, etc., yet the market flies, and the tech stocks hitch a ride. Today's market motto ought to be "pay more and more for less and less".
Meantime, the problems in Asia spread. Mexico is starting to look worrisome to Jim Grant's trained eyes, and my contacts in South America are looking over their shoulders as well. Indonesia just continues to melt and the bank runs in Japan continue unabated. Luckily we have nothing to worry about over here. (g)
Good friend Ross Healy (who writes some of the best Balance sheet analysis that I have ever read), suggested to me months ago that the market might get to 1090 (S&P). I thought at the time that he was crazy, and bet him a lunch that it wouldn't come close. I lost, he won. The good news is that we are just about there.
Tomorrow will be of interest to all of us. With CPQ's fessing up on Friday (love their timing), many think that there will be a big sell-off. We'll see. If not, then I'll move to the sidelines again for a bit more waiting. This market is downright dangerous in the way that it just ignores bad news, but it doesn't pay to play on the railroad tracks.
Best, Earlie |
