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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: gravity rules who wrote (93009)	7/9/2002 9:46:28 PM
From: Softechie	Respond to of 99280

The Worden Report (Tuesday, July 9, 2002) Starting Over On Friday, when the Dow rose over 300 points, 29 of the 30 Dow stocks advanced. Today, 29 of them declined. Which is kind of a statistical symbolic of what has happened. The market rocketed upward in a true celebration of a Fourth of July with no terrorist attacks. And then the market calmly gave it all back. We're right back where we were before the Fourth, when the Department for Homeland Defense was warning us not to go to restaurants, sporting events or (clubs?), while at the same time they didn't change the colors of their gimmicky warning flags. If anybody had paid any attention to those warnings, you can imagine the havoc played with the restaurant industry. All just so, in case something happened, somebody could say, “Well, we warned you, didn't we?” This is a confounded nation with a confounded government, and I have begun to suspect this is the main trouble with the market. We don't know how to handle our problems. I think this constant bewilderment is more paralyzing than the underlying problems themselves. Granted, I have never seen such a confluence of real problems, ranging from terrorism and the threat of it to stagnant corporate profits to the so-called corporate crime wave. Problems are solvable. But not by running around like a chicken with its head cut off. The rash of corporate crime is the simplest of all. Find the guilty, put them in the slammer, tighten the laws and stop acting as if all CEOs are crooks. Anyway, as I've argued before, we'll stumble through it, the solutions will be found. But we'll only realize we've done so in retrospect. The market will be the first to see the light at the end of the tunnel. I believe that Barron's will be regretting its dire article on page 19 of the July first issue for many years to come. The market is more oversold than it ought to be, but it does whatever it pleases and whatever will fool the most investors. It could become even more oversold. At the moment, everything looks black and investors have begun to doubt there is any way out. Which to me means that it's not a time to feel comfortable about being short. -DW