I would beg to differ. The action in Japan was a nail in the coffin of recovery, because the 800 point rise euphoria, left only room for disappointment. My guess is that we have seen only a fraction of the asset destruction that is going to take place. The one thing I have seen again and again, is that value investors jump to soon, buy too early and sell too early. One must be patient, those who bought at 40 thinking AMAT was cheap, lost a huge % of potental leverage on the up. The stock, like the market is expensive now. I'm looking for dow below 6500 within the next half year, and for the Nikki to break 10,000.
Too this point there has been no panic, just a somewhat disorderly retreat... to buy before the panic is simply foolish. Now of course there may be no panic, but it's unlikely, the toilet needs a flush....\\\\\\\ How about dem Merrill Lynch cowboys, lose o ton in LTC and OC and fire a bunch of secretaries and minion brokers.... makes one sick..... akidron 85% in cash, 5% long, 10% short and loving every cent. |
