To: Kimberly Lee who wrote (3054 ) 10/13/1999 8:14:00 PM From: gizmo&jack Read Replies (1) | Respond to
I agree Kimberly about Y2K. Not that it will be a problem, but that it may be perceived as one. It's as a good a reason to panic as any other. I am starting to believe that there is a massive conspiracy going on actually. There is so much data out there these days. And most of it can be read two ways. I mean, if the Fed were to raise rates, bears will say that they are obviously justified while bulls will say that the Fed has made a commitment to keep inflation under control so there is nothing to fear. Just like last week's employment report. 200,000 below estimates . . . but watch out for higher wages. And my favorite, the Fed doesn't tighten but adopts a bias to do so. What is that saying anyway? That the Fed is going to watch upcoming data closely to determine its next course of action. That's their job. So the Fed says it is going to do its job and the market tanks. It's become ridiculous. You can't go 3 or 4 days without something being scrutinized. And, regarding my conspiracy theory, if I were a powerhouse institution and wanted to maximize my returns after a bull run, I might determine that the best way to go about this was to cause a panic. It's easier than picking stocks that have already run. All I have to do is go on CNBC or some such program and say that I am concerned about such and such (you can always find something) and then you get others concerned about such and such. Except that they are also concerned about you. So they start selling. And so on and so on. The market tanks. And then you start buying into the selling and say that the market correction alleviated your concerns. And there you go. That's the kind of garbage that I think is going on out there and has been for awhile. I may be cynical, but cyclicality creates opportunity. Anyway, nothing can be done about it anyway. Expect a rebound tomorrow, but will not hesitate to go 100% cash if a panic begins.
