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

To: Crimson Ghost who wrote (34855)	5/23/2000 4:49:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 42523

i'm sure many are. look, whoever's been crazy enough to hold until the NAZ hit its highs in March, has of course held throughout the decline as well. frankly, the last 1,000 point run-up was totally surreal to me. i couldn't believe people were buying an index 4 standard deviations above its 200-dma and valued at 200 times earnings (it got to a p/e of 246 at the top) in an environment of rising rates and the well known facts like exploding margin debt and the explosion in bulletin board speculation (which i engaged in myself...btw, the BB stocks gave an early warning...they weren't rising during the last week of NAZ advances anymore). you may remember that i posted late last year that i did expect a speculative blow-off to occur, and we sure got one. but the extent surprised me frankly. well, now we have almost given back the gains made during the blow-off phase. and i am pretty certain that most people who held on to the speculative stocks throughout the blow-off stage have given back most of their gains as well. btw, for most people it's not 'just on paper'. what about the margin debt? what about the second mortgages, the credit card debts, etc., all incurred in the belief that outsized stock market were here to stay? i bet that not just this one Cramer correspondent has lost it all...