Gersh tells me I am pushing his buttons then uses the word "Buy" and "MU" inthe same sentence and isn't talking about puts. Arggh I had to run to the bathroom and was sick for over an hour <ggg>
Well a weekend full of nothing but bullish posts on SI and Buy the dip talk. Well guys, if nothing changes tonight, you are all going to have one heck of a dip to buy !!!!! S&P futures are down over 20 and NASDAQ futures are down 48. No news to explain it so maybe all that foreign money just woke up from that dream about how earnings don't matter, everything is rosey, Rising Oil is not inflationary and Rubin running the money printing press all day doesn't dilute the dollar.
Don't worry, I am sure Greenspan and company will inject record liquidity as fuel for the next rally tonight while we are in bed dreaming of being the Matador with crowds cheering as we drive the sword home. Unfortunately, I am too sure they will. The street doesn't ever notice that the Fed sends in a few billion in overnight recerves everytime GLOBEX is down big.
Actually, I agree with SO. Since my weekly charts don't show the drop coming and very few sell signals, I think this might just be a blip. I am not happy about it though since I think this bubble is getting more hollow as it grows. No one wants a Big Kahuna crash that destroys people, but with every puff of air into this ballon instead of a slow leak, that is going to be the end result.
Too those that think I and a few others on here are too bearish, have you ever REALLY sat down with a historical model of stock valuation and figured out what the stocks that are inflating the indexes are really worth? The last time I ran the numbers, they were only overvalued about 900%. IBM was still too high October 8th, imagine now? SUNW?
As Don said, Ying vs Yang If this is the Ying, lets hope we never see the whip saw this far into Yang. $5.00 could buy the entire NYSE
Lee |
