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Pastimes : All Clowns Must Be Destroyed -- Ignore unavailable to you. Want to Upgrade?

To: yard_man who wrote (2067)	1/11/2000 8:27:00 PM
From: Lucretius	Read Replies (3) \| Respond to of 42523

completely UFB... from fleck's rap: Signs of the times... I want to share three emails I received yesterday from readers about some of the kooky things that different folks have observed. Here's the first one: "A friend of mine told me that his son, who loads bags for a certain airline at a certain airport (names withheld to protect the innocent), and who previously had no money or interest in the stock market, has just borrowed all the money in his 401K plan and put it in the Janus Internet fund. He had been hearing stories from some co-workers who have told him stories of vast returns in high tech, as opposed to the S&P 500 index fund that they are offered in the 401K plan. He cannot be convinced that he may not make as much as thinks. I wonder how many other people around the country are using this strategy too well." In the second email, a reader said: "I was in a long line in a Palo Alto grocery store and I overhead a clerk giving stock advice to a customer in the check-out line." The final email described an article in the Palm Beach Post. Reporter Jeff Ostrowski said that the House of Kahn Jewelers in Palm Beach had purchased $100,000 in jewelry in the past few weeks from customers who "didn't want to miss out on the technology-driven bull market" since the owners only wear this beautiful works of art a few times a year. "What else could you do with the money?" So, there you have it, just a few anecdotes to go with the pawn shop story we had and Dennis Gartman's story from the banks. When one looks at the consumer debt figures and other debt figures, we know there is a massive amount of leverage being employed to buy speculative stocks at absurd prices. We don't know when this will end, but we can say with certainty it will end very badly.