My Dad Used To Be A Day Trader Back In The 1960's...
Every once in a while, I'd hear Dad in his home office saying
to his broker, "Sounds like a sucker shakeout to me Tom."
I remember those words. Especially on days like today.
I think we have a classic combination of factors here:
* MSFT getting jumped for the second time by the Department
of Justice yesterday. As little I like to think about MSFT,
they are a bellwether for the entire Nasdaq... and certainly
all technologies.
* The Dow 9000 thing. Some folks, even friends of mine,
have been seeing that not as a psychological barrier but
as a signpost that says "We've come too far too fast.
Slow down to keep it real."
* Yahoo! hysteria. Perhaps, Jerry Yang is the best poker
player on the planet, but according to those who saw him
at dinner last Thursday night, he looked like the cat who
swallowed the canary. Of course, what does he have to worry
about, if he makes his numbers or not, one might ask. Good
question.
* The runup last week was, I'll tell you, a bit eery for
me... given how high Web valuations have been. The eeriness
hit me because I'm over 30 though. That's the reason.
I have a memory of other, less sanguine times. And of
something called "flight to quality."
* We have SO many new Paper Millionaires in this country
created by the bull's 8-9 year run. While there has been
an "investment-izing" of this country--on a scale unheard
of until now--I think some of that knowledge is a mile
wide and an inch deep. I've heard otherwise. Some cited
the Market's yawn about Intel's pre-announcement as proof
positive that there is a new savvy, world-wise and huge investor
class in this country.
All and all, a fascinating day to watch. Jitters abound.
And I'm buying more SEEK.
Best Regards & Courage,
c m |
