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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (3934)4/28/1998 12:02:00 AM
From: James Clarke  Read Replies (1) of 78476
 
Heard a wonderful example of the kind of thought propping up this market on CNN's Moneyline tonight. The daily guru, reading from the buy on the dips script, said something like this:

"Yeah, we expect a correction of 10% or so, so just hang on to your stocks and you should have some great buying opportunities in a couple weeks..."

Hmm. So you expect a decline from here, but you wouldn't advise somebody to sell anything, even in a nontaxable retirement fund? That sounds pretty stupid.

And when you see those great buying opportunties in a couple weeks...what are you gonna buy it with?

I have said this before and I will say it again - if nobody is holding cash, the dips ain't gonna get bought. And the conventional wisdom tells everybody two things - 1) buy dips and 2) don't hold cash. That dog don't hunt. One of these times I'm going to be right.

And yet another sign of a market top. Viagra. When every business publication has the word "erection" in it five times or more, its probably time to sell some stocks.
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