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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Terry Whitman who wrote (149205)	2/7/2002 6:21:14 PM
From: pater tenebrarum	Read Replies (3) \| Respond to of 436258

well, i did play the i-nuts when they were hot...while i was extremely critical of the bubble, making money from it wasn't beneath me. i meant the recent run in DROOY of course...it made a doji at about 1.65. i saw scores of traders run that day. typical of a major bull market to frequently shake people out. re. the broader market, i'm not sure what to think...it's true there are many bears, but i seem to recall that there were many bulls in the bull market. it may be a case of recognition in other words. i don't have a strong opinion re. the near term, but i think at the bottom of this bear market you will see pessimism so thick that you won't believe it. we're about 50,000 parsecs from that condition, what with WS strategists still maintaining a 70%(!) equity weighting, and the recovery a "sure thing". oh, that big bad bear Ed Yardeni cut his weighting from 80% to 70%... that said, i'm not adverse to playing clown stuff from the long side occasionally. bought MCIT today for instance, on the heels of a MER downgrade. the big danger the market faces has a name: Japan. that's like a black hole around which the financial matter of the world now revolves, in the process of being sucked in. that said, rising gold prices are actually a good sign for the market...contrary to conventional wisdom, because this market is in dire need of anything that looks even remotely inflationary.