What happened to this thread? I can't believe it has died down to this level! I remember back in January everyone was falling over each other here to point out that they had called the "net top"
What a shame no one will step forward when the tide is against them. I will then.
First off, let me say I have made money off this mania. I realize idiots are buying, and sadly thousands of idiots together buying the same thing are a force one cannot control. To short against this force is a battle I do not think you can win. The idiots will have to kill themselves off, and the only way that is going to happen is when buying stocks because "they are going up" no longer works.
Right now, to put a rational spin on this action is impossible. I cautioned a friend a few days ago who was already up 100% on his Etrade shares that it would be wise to take some profits. Fortunately for him, he smiled and ignored me. Today, Etrade closed up about 60% above THOSE levels, with a market cap of 15 Billion and change.
So, while I think most of us will agree that some day these stocks will become like the Enterprise software makers are now (i.e. all with charts like BAANF) no one has any idea what it will take to kill these people off. I know more and more people opening trading accounts and buying stocks with no regard for value. Mention value and they will laugh in your face. Hell, maybe they should, because they were the ones that bought Netbank at 120 two days ago, or RealNetworks 50% below current levels, etc.
Maybe, just maybe, if we see a retraction of say 50% in the net stocks in general it will kill off enough idiots capital to put an end to this. Until then, I expect to see a bubble that retracts 20% or so, only to expand to a larger level as short sellers cover on any weakness.
Welcome all comments of course. Maybe the fact that no one is making predictions any more here is a good sign. I am 100% cashed out as of 10:45 this morning, so it remains to be seen if this fool picked his chair too early or not. |
