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To: pater tenebrarum who wrote (40751)	11/24/2000 3:08:39 PM
From: chic_hearne	Read Replies (1) \| Respond to of 436258

None of us should be surprised by today's action. As someone pointed out late Wednesday, today would likely be a big Naz rally in anticipation the election would be settled over the weekend. All yesterday I kept thinking how dumb I was not to anticipate this, and sure enough they ramped the fvcker 150 points in a shortened session. I've decided now is the time for a bit of a change of strategy. I've been keeping 80-90% cash and playing poots and calls with the rest. These big 150 point moves which seem to happen every day prove just how disfunctional this market has become (it's also interesting to notice how there was similar volitility in '29 before that bubble finally burst). I'm breaking out the "core short and hold until single digits with no fear" portfolio with some of my cash position. This would include trash like Cisco and Intel. There is no way that will ever hit a new high unless the mania breaths new life which I find unlikely. Once you go down this much, it seems too many people are happy just to get out at even that there tends to be a lot of overhead resistence which this market has never had to deal with. And with 7 billion shares outstanding that's a lot of liquidation that needs to take place. Add to that deteriorating fundamentals in macro economic and micro economic conditions, never before seen valuations, etc. and I just don't see any way the mania can resume. Treading water is possible, but not new highs. We'll see how Monday looks. Don't be surprised if they take the Naz up another few hundred points before resuming the downward momentum. Lot's of ANALysts will be crowing about how now that the election is over blah blah blah. Short term, they should be able to ramp it IMO. Abby J will call a bottom. Joey Bagadonuts will talk about the great values out there. Kudlow will be saying the fed is going to cut at the next fed meeting. etc, etc, etc....