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Strategies & Market Trends : Moufassa's Lair -- Ignore unavailable to you. Want to Upgrade?

To: DebtBomb who wrote (3037)	12/18/2001 5:03:15 PM
From: James C. Mc Gowan	Read Replies (1) \| Respond to of 13660

Break even day for me; actually made money long on BRCD 2x, and lost on late day short, gggg/ng. Looks like breakdown continues, interspersed with short covering rallies in BRCD, QLGC, EMLX. NTAP is on helium, anyone got a needle? MaxPain on QLGC getting close btw 45-50 now EMLX still way above MaxPain at 30-35, but today's lows may have allowed some adjustments BRCD MaxPain @ 30 yesterday PM; only 2.5 million more at risk at 35 SP that at 30 SP AMAT needs a little adjustment down toward 42.5 BRCM is a special case; the news from SciAtlanta today would have brought it down more, except that it needs to levitate thru expiry btw 40 and 45; after that, down on fundamentals, methinks QCOM must come up a little before expiry AT 55 SP = 8.9Million; At 50 SP = 16 million; that is more serious money for the Options MM's to consider MOT is an eternal short, has been levitated on BS analyst hype btw 16 and 20 range for some time now; They know how to lose money as well as any semiconductor firm; I heard they are laying off more workers,after substantial layoffs over the past year, and in the same breath, announcing they are going to turn a profit next year. I don't think so. Lots more warnings to come, but the COMPX will hold 2000 and the Dow about 10K thru the holidays, it appears. Fed has been back to pumping money vigorously the past 2 days, after a short hiatus, around the Fed meeting. Got to keep this market at 'feelgood' round numbers till Christmas, right. Convertibles have been rampant this year. Bottom line is that IPO's were not viable most of the year, so brokers had to convert to make money, so that's what they were pushing on their 'clients'. Shaky balance sheets need more cash. Decision Point chart says it all; SPX at P/E of 40! And this based upon ProForma earnings. Highest P/E for index since 1940 recordkeeping began. Amazing. Have a good evening. James