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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked
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To: Glenn who wrote (7618)1/14/1999 1:30:00 AM
From: TH  Read Replies (2) of 90042
 
Good Luck on that one Glenn.

For the first time in over 100 days I do not have any stock except one small long term hold that is not affected by changes in the overall market.

I had a friend call me today and during that call I think I understood why we had the recovery we had today, and why it seems no news is bad enough to really sell-off this market.

My friend repeated over and over that he HAD to find somewhere to put his money. My suggestion to remain cash for a least of couple of days was not well received. He just had to buy something. I think a good deal of the general public is adopting this "if you ain't in, you can't win" type mentality.

Its pretty scary to me, because when they do sell its going to be like lemmings.

I tried to explain to this friend of mine that missing an opportunity is a much lower cost than eroding your capital. It was like he had totally forgotten his panicked call to me at 940 this morning to ask me what to do cause he was losing a bunch on two internuts.

I am going to stay mostly cash for at least a day or two more, but I will buy quality if it is discounted again.

Good Luck everyone in the market that cannot be stopped.

matt

Ps One more interesting thing I did today was do a simple stock screen over at Yahoo. I wanted to look for stocks with gains in the last year over 50%. There were about 500 plus that met this. The PE was just amazing. Someday soon people are going to realize that value in relation to earnings is still a valid and honest way to arrive at a fair market price. This just cannot go on.
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