To: Jerry Olson who wrote (96549 ) 5/8/2000 8:40:00 AM From: Jenna Read Replies (3) | Respond to
The "buy and hold theory" has just been given an extra kick while it was unconscious and bleeding to death. I've seen portfolios cut in 1/3 in the last 2 months. Once in a while a stock wanders out of the list and might be up, even double, but that is the exception rather than the rule. I have some option positions and 3 small stock positions in biotechs which won't be earning anyhow but their pipeline is still overflowing. Energy stocks remained a mainstay throughout these last 6 weeks as have some generic drugs stocks, major drugs stocks etc. Even BVSN and a few others were good for 25% gain in the last 6 weeks. Anyone making that much on average consider yourself very lucky and to have bucked the downtrend of the major averages. Anyone saying that traders have not had the major edge in the last 6 weeks are just living in a world of denial and oblivion, probably egged on by the constant 'all is well' drone of analysts at major brokerages in mortal fear of their own jobs. Of course the government has done very well. Capital gains taxes have been on the rise by fourfold and traders gains have been passed on to them.
