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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Hank who wrote (17193)1/25/1999 2:36:00 AM
From: space cadet   of 18691
 
Hank, great point. I have noticed the same phenomena. Chalk it up to manipulation by the big boys, I guess. I see March shaping up to be a really ugly month, unless the ugliness starts in Feb instead. We are definitely on the last gasps of this ultimate irrational exuberance from Oct. And for the first time since Oct. I have noticed that some stocks are actually being punished. Up till now, the worst that could happen was a stock would hold level or maybe just go up 10-20% for terrible news. But starting last week, some stocks are actually being taken out and shot- see dctm and wind, for instances. To me that signals a true correction is definitely coming. I look for 8-15% on the Nasdaq and 5-10% on the Dow, though with some international cooperation these could be minimum figures. And Greenspan will not intervene this time. I think he definitely regrets intervening that time in between meetings. That really drove irrational exuberance to an extreme. Time to start seriously investigating the best stocks to short/put. Premiums on the inuts are ridiculous so I want to find other gems out there to put with more reasonable premiums. But I agree with Roger that the impeachment proceedings are also in the final innings and will be over very shortly. However, the market looks so weak here I expect a short term rally lasting just a couple of days at most. That will probably be the time to load up on puts/shorts so let's start getting ready. If the inets do not rally or at least hold their own this week they are history IMO. The days of stocks doubling on meaningless PR announcements of new websites are now over... for at least the next couple of months, if not forever...
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