To: chic_hearne who wrote (6682 ) 7/28/2000 3:29:00 AM From: patron_anejo_por_favor Respond to <<patron, I thought INTC and MU were good shorts since January>>opinion that the market was overvalued, but I knew the safest play was to wait for a top, let it pull back, then start shorting the rallys. It's not January anymore, though. Bear markets often come in three stages: 1) Denial (when no one believes the bull could have possibly ended ). That started in mid March and ended at the end of May. 2) Fear...of poor economic conditions to come, of falling earnings. We are just entering that phase now. 3) Capitulation....usually a longer, more grinding phase where people throw in the towel on stocks altogether. No one wants to talk about 'em, there certainly isn't this absurd media circus built up around 'em. Mutual funds fold. PE's drop to levels you will not believe, including on growth stocks. Untill we see a LOT more towel racking, this bear isn't done. Not by a long shot.
