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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (9038)	10/23/2002 9:06:26 PM
From: paulj	Read Replies (1) \| Respond to of 57110

From thestreet.com "The Comp's relative strength off the intraday lows was spurred by strength in semiconductor and related names. Ironically, that group was a laggard early on, following lowered guidance from KLA-Tencor late Tuesday, the latest in a string of chip and equipment makers to warn of tough times going forward. But employing logic that harkens back to the ebullient days of the late 1990s, KLA-Tencor's news was determined to be good by money managers, who concluded that things can't get any worse for semiconductors and thus a bottom in that group is at hand. " thestreet.com The idea that things can't get any worse is absolutely incredible, yet I see that "logic" being used everywhere. It's fine to feel the news isn't as bad as you think the stock price reflects, but to say 'gee, look how bad things are. They're so bad they won't get any worse, though we don't when nor how they will get better.' is just beyond being rational. What have they put in these folk's water?????? I do think the funds are chasing hard for some performance. Sadly, the managers have blown their big fat bonuses already, so they, unlike their investors, have nothing to lose by dumping money into stocks and trying to press performance. If it doesn't work, they won't get a bonus, but they won't have to endure the loss. Earlier today, everything I had was painting a channel we were going to walk down. That would give some legs to the bull side, if it held at a higher low, which I actually think it may well do. But this kind of market move just reminds me of the cartoon where the coyote runs off the cliff but doesn't notice -- right away. Run the NDX up with the semis??? Oh, come on. We're supposed to pay the semi multiples for companies who have nothing positive to say? Sorry for the rant. Back to scalping.