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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (8337)	9/23/1999 5:30:00 PM
From: Madharry	Respond to of 78847

Wow, talk about a mouth that moves markets! I did not hear the word absurd used in the translation by the media. Did he really use that word?

To: Q. who wrote (8337)	9/23/1999 5:42:00 PM
From: Michael Burry	Read Replies (2) \| Respond to of 78847

N, This time there's a lot going against VIX. All kinds of broken support and/or trendlines both in stocks and indices. The S&P held above 1296 yesterday on tech strength alone. Too narrow to really provide support. All: Microsoft has an interest in deflating the market, remember. Their employee stock and option programs have been hurting them the last few years, and the reason is the inflated price. People don't go to work for MSFT for the salary - they do it for the stock and option plans. So Microsoft long-term must be a big buyer, and as any Buffett fan knows that means they are rooting for it to go down - any break, however temporary, helps. Why this spilled over into the financials (which were having a good day) and others - well, you just need to look at the technicals dragging down the S&P 500 futures, mandating selling in the underlying securities. The S&P now needs to go to the low 1200's. Jim, what's this about your colleague Miller wanting to buy Amazon.com? He says Bank One is worth twice what it is now. And says Waste Management should be in the low 30's. Well, isn't that where he bought it in the first place? What kind of guy is he? Also says Washington Mutual should be 30-40% higher, which puts it back where it was when he first started buying loads of it. Wow, yesterday I bought YUM at 38 5/16. When the news came of the halt, I thought, "geez, my timing of late just went from poor to ludicrous." Turns out to be lucky, saving my portfolio today. Homebuilders hurting again today. Hard to find refuge in any sector today. In case anyone was wondering, the Russell 2000 just turned negative for the year, and with tax-loss selling looming, has virtually sealed its fate. Good luck next year, Russell Mike