The bear euphoria is much too high, and suggests up tomorrow.
IS, I agree. Besides, true bears, except when mating, tend to be solitary creatures. If it gets any more crowded out here at the fishing hole, I'm gonna have to go hibernate again.
Seriously, though I think there is much more downside left in the internuts, today looked like capitulation to me. As they kept saying on CNBC today, "now they're dumping their winners". We are now down over 19% on both the Dow and the S&P, and 26% on the Nasdaq. Even Dell, the ultimate "buy the dip" stock, was down 16% in one day. I won't buy any of the internuts or 50+ PE high flying hedge fund favorites, but there are bargains out there and, with today's capitulation, a pretty good chance of a decent rally.
JMO,
Bob |
