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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin! -- Ignore unavailable to you. Want to Upgrade?

To: Patrick Slevin who wrote (5990)	7/18/2000 10:28:29 AM
From: SE	Read Replies (2) \| Respond to of 7434

From the desk of Fleckenstein...... Bucking the trend, trending the bucks. . . While reviewing the Commitment of Trader's Report from the CFTC, I noticed that the S&P 500 commercials once again increased their short position to a new record. In the eight years I've been watching this report, I don't remember ever seeing such a continual build-up of a position that went against the commercials like this.. They clearly continue to expect something big to the downside. .............. Count him out. . . I received an e-mail from a reader who is obviously in the accounting profession. I tend to agree with his conclusions about what might come next following the ultimate disillusionment of this mad crowd of bubbleonians. I thought his comments about what is going on in that field were fairly interesting, so I wanted to share them: Sometimes I feel like I'm (nearly) the only one who hasn't drunk the punch. Your reports for the last two days were truly scary. Let me tell you, I am an accountant, and I have worked at a fairly high level in several small companies, and have contacts in the accounting world who work in larger companies, and here are the facts: EVERY company is massively understaffed in their accounting department, they all manage their numbers (some shamelessly), the "independent" auditors are either incompetent 23-year-olds or have ridiculous conflicts of interest, and the whole "profession" of accounting has taken on the stench of the damned. I've nearly given up on finding a good position, and have taken to working as a contractor so I can hedge my bets and not be tied to any of the pile of crap financial reports these companies are turning out. I am angry that this has happened, that my chosen "profession" has prostituted itself to such a degree, but I don't even know who to direct my anger at since society's collective trance-state seems to be most responsible for what is going on. At least my brother has a real nice cabin on some isolated land in rural Missouri where we can hide out when the s**t hits the fan. When this breaks, and it will, there are going to be a LOT of VERY angry people running around. I don't want to get in their way. --------------------------------------------- Interesting. Scott