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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: pater tenebrarum who wrote (1894)	12/10/1999 11:02:00 AM
From: Matthew L. Jones	Read Replies (1) \| Respond to of 19219

Heinz, Chill out dude... don't get so defensive. Of course most all of us realize just how ridiculously priced these markets are. My last post had a link to a chart that I believe illustrates the insanity more than volumes of haranguing could ever do. However, I believe that those who are truly bearish (therefore short) and not just extremely cautious bulls are more than just wrong... they are likely to go broke waiting on the big one to happen. Should it? Of course! Is there one single technical or fundamental reason for the insanity of the current prices of a limited few glamour stocks? Absolutely not! Is there any sensible reason why anyone should buy YHOO at these incredibly inflated prices? Yes there is. IMO it is more risky to be out of tech than to be in tech (and I might add that many professionals reluctantly share my views, and as you apparently do based on your last post). However, wise investors should keep a close watch on long tech positions. Finally, the "average investor" who only casually watches the market has no business buying individual stocks at all, given the technical and fundamental condition of this market and is therefore (unfortunately) entitled to whatever he gets in the event of a severe market correction. It is his "unreasonable chasing of these stocks" which has gotten the market to the insane level that it is currently in. Matt