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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: TheStockFairy who wrote (32778)4/12/1999 3:56:00 PM
From: J. P.  Read Replies (1) of 86076
 
I already played the internut game once and won. Don't want to press my bet on that anymore.

That's basically what this market has come down to, a raw gamble. You either buy something that is grossly overvalued in any historical sense, and risk getting caught in a swift downdraft, or you roll the dice on a gnut stock. Or you sit on the sidelines and watch everything ramp as you make no money or lose money if you're short.

I'm not committing more capital to this market long or short until we start a downswing at some future point at which time I'll buy more puts. I'll initiate longs again at the bottom of the next correction.

I'm seeing major signs of capitulation, everyone is scrapping their trading systems. The bulls are partying, they've dodged the bullet of a lock limit down. And the Nasdaq is looking like distribution. And let's not forget the deteriorating underlying fundamentals which brought all the bears together in the first place, we can sweep it under the carpet but it's still there.
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