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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Earlie who wrote (88074)	1/7/2001 8:25:20 PM
From: Joan Osland Graffius	Read Replies (3) \| Respond to of 132070

Earlie, I was watching some of the Sunday morning shows today and the media may help us out. The Sunday morning show on CBS has a few minutes on the greenspan put and the new administrations take on the economy, as well of some of the recent economic bad news. If I were J6P sitting listening to this I would not spend one red cent that I did not have to. The Washington Sunday shows were not exactly good for wall street either. As far as owning puts, I have not felt comfortable without holding some puts for the past two years. <g> Something I have noticed is folks think maybe oil may take the place of gold or other metal/diamond assets in the future. I don't think so. The average citizen can not buy the black stuff and store it. IMO, the asset of choice will be some hard asset (other than real-estate), something they can carry home and "hide". Note I do not include productive land in my definition of real-estate. Maybe I do not understand this generation since I am from a generation whose parents lived through the depression and used banks only for month to month currency transactions and had their wealth in hard assets. Very interesting times ahead. Joan

To: Earlie who wrote (88074)	1/7/2001 11:20:00 PM
From: Michael July	Read Replies (1) \| Respond to of 132070

Earlie, Don Hayes who has been quite accurate on the market since at least last Spring still believes the NAZ has a shot at 1800 or so before any sustainable rally. From a TA standpoint, yes I know MB has no use for it, this looks reasonable. But after any rise of say 20% he is looking for the other shoe to fall and the NAZ to crumble to new lows. I too have felt this way....but I was thinking that over 2 years ago :>) We are in a bear market and rallys are short/powerful but followed by renewed selling to new lows....until capitulation. We'll know it when most everyone says they'll never buy another stock as long as they live (these would be the same people who said "buy and hold for the long term"). It wouldn't surprise me if the NAZ bottoms out down 70-80%. Just as in physics for every action there is a reaction. The pendulum is now swinging back the other way and it will likely go further than most people think.