Sonny, >>>Markets look dismal over here. I just got in and I am not sure what is causing all
this again.<<<
I've heard the selloff, at least from about 2 pm on, blamed on the possible failure, then bailout of this hedge fund:
The Greenwich, Conn.-based fund, Long-Term
Capital Management L.P., is run by John
Meriwether, a former bond arbitrage specialist
at Salomon Brothers. Partners include Nobel
prize-winning economists Robert Merton and
Myron Scholes.
So, the big bank stocks tanked: Citicorp, B of A, Nations Bank, Wells Fargo, JP Morgan, etc. I guess they all anted up to keep this thing afloat. Also Merrill Lynch who employs that Tom Kurlak guy, was down another $4.00 today. Maybe his continual downgrading of Intel stems from crabbiness caused by his own net worth via stock options at MER disintegrating:
stockmaster.com
Serves him right. I've read he makes his calls more from gut feel than from research. Unfortunately, he got lucky a couple times about Intel and we're stuck with him. I think if Intel performs results-wise for 3Q and 4Q98 like I think they will, we may lose this albatross.
I was just telling my next door neighbor office wise, hope to be retired soon buddy, that I've never followed the markets this closely in a choppy period like this. I'm personally in uncharted waters with things like institutional failures around the world, practically whole country's economic failures, like Russia, and, as if that isn't enough, the prez thing. Thinking you can psyche out the fundamentals of a few companies and make money because of it is like nothing compared to all this other stuff.
Take care,
Tony
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