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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: re3 who wrote (3952)	7/15/2000 9:15:04 AM
From: AllansAlias	Respond to of 436258

It has been a good week. I felt that the YHOO thing was critical and, luckily, it turned out to be a real turning point. For the first time since March, I am 75% invested. None of it is directly or indirectly short. (Yikes!) I have said it before, but it bears repeating. Many here, me included, made the classic rookie mistake of adding significantly to our short positions, in whatever form, when the house was already starting to crumble. I do not plan on making that mistake again. As I take long profits now I will be buying puts or making stradles with a longer time horizon, say, Oct/Nov. I will be buying in thirds everytime I feel we are topping. I made another mistake in March/April. Although I was well aware that the old-econ charts were not showing correction, I really did not believe it. This was silly. I think it was in Irrational Exuberance that the author warned that they would throw everything at maintaining the bubble. The resources, both real like dollars, and intangible like spin, are massive. In the end, most everyone here believes it will unwind horrifically. The arguments for this are compelling and have been presented by posters more learned and eloquent than I. Be ready, but in the meantime "Think like a clown and make money." Pop quiz: When was the last time that the Dow had 6 consecutive up days? Cheers --Allan

To: re3 who wrote (3952)	7/15/2000 9:47:47 AM
From: Terry Whitman	Read Replies (2) \| Respond to of 436258

This guy looks like a contrary indicator. All the clowns are long now. All the bull clowns at the office are certain they're going to get rich in tech stocks again. How short our memories are. Personally, I've traded my HCN long for an N one. ST rates are close to breaking to new highs. XAU could be putting in a 2 year wide double bottom here- or it could be breaking to new lows. It's pretty exciting either way. I have no stops on them. Have a nice week- I'm heading to the mountains tomorrow morning for some R&R.