Bretsky <15 Utilities ^DJU 4:05PM 296.66 -6.14 -2.03%>
The market is looking pretty tired, pricey and ready to rock-n-roll on the downside. If you are going to raise a little cash, don't wait too long. By the way, I didn't say anything about AMZN -- the trend is down, and it would be a good source of cash (sell it). Even the best stocks are looking extended -- including DELL, which I have always admired but don't hold at 100 times trailing earnings with growing uncertainty about future prospects. The international market is in between blow-ups, but the need to reflate Japan and the recent data on the US economy might suggest a bottom in commodity markets, making gold stocks (NEM or some other unhedged comapany) a possible long-term investment. At some point, Y2K will turn out to be a non-event for the US, but will cause some real chaos in other places (like Japan). I would not plan a trip there for January 2,000. They will end up trying to "buy there way out of it", as usual. Crazy as it sounds, gold stocks might be a good hedge at 10 to 20% of your portfolio. If they take off, they will catch the eye of the day traders, and then who knows what will happen.
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