John and Gary,
Hopefully I'm not beating a dead issue here, but I do not think yesterday WAS panic selling. Volumes weren't crazy, mutual funds and brokerages weren't deluged with calls, etc. This was forced selling by leveraged individuals and companies, primarily. And you SHOULD care about the difference. Yes, it created a buying opportunity, but there's still room for caution. We haven't seen panic yet, and if for some reason it happens, then we'll see CSCO at 35 or worse. That obviously leaves some room for fear, even on the part of mature, patient investors, who might want to buy some puts now to guarantee this isn't a sucker's rally, with the final blowout yet to come.
Bob |
