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

To: TheStockFairy who wrote (15974)	3/9/2000 11:36:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 42523

definitely. either that or get out with your gains... imo there is no doubt that this market has all the characteristics of a dangerous mania. when it finally turns, it may well be impossible to get out. if you think there's more upside, hedge. no-one knows for sure when this will be over, but one day it WILL be over and imo we're very close. what's a little insurance if you have such big gains to protect? many bulls seem to assume it will never be over. the only thing that argues against that point of view is all of human history. alternatively they think they will be able to get out in time, with their profits intact. once again, only a minority will manage to do so, and probably by sheer luck. i really think that when we finally get a serious downturn, it will be totally chaotic...you won't be able to call your broker, the trading desk phones will remain unanswered, web sites will be down, etc. the simple reason is that should this market be hit by a panic, trading volumes will be too big to handle... imagine an 8-10 billion share day, perhaps even more. why do i think the system will be overwhelmed? because it has always been that way. the built in redundancies are good enough to handle anything - except a panic. i'd be surprised if it were otherwise.