Kit:
The key word is "mania". We've no previous experience, so it drives us nutty trying to understand where "discounting emerging problems" went to.
With Greenspan and company pumping so vigorously, the excess just floods the market. It's indiscriminate, truly dumb money. Fortunately, and eventually, dumb money ends up where it truly belongs. (g)
Dying stocks always take longer to expire than their heavy breathing would lead one to expect. A mania prolongs the dying process. That said, I'd suggest sticking around for the next few months as this is shaping up to be the best bear frolic since 1929.
Personally think that it is finally time to start picking on (picking off?) those stocks that have bullet holes in them, as well as copious visible hemorrhaging. I wouldn't suggest frontal assaults yet, just a bit of "small bet" sniper action (from deep within the weeds, where we've been holed up since before Christmas), targeting the already mortally wounded. MU is a triage situation. (g)
Maintain patience and powder; this game is about to become very exciting.
Best, Earlie
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