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

To: GuyNixon who wrote (31940)	8/31/1998 6:17:00 PM
From: Knighty Tin	Read Replies (2) \| Respond to of 132070

Guy, I expected a bounce this week, but now we have seen enough damage that I think the bulls may be scared. They aren't selling en masse, but they sure aren't buying. And they also realize that all the rallies the specialists and market makers have pushed on them in the morning have just been sucker traps for those worthies to get out. More importantly, the Dow, 500, and Nasdaq stocks are STILL way overvalued on any rational assessment of their earnings potential and discounted by current risk free rates. That being the case, any rally should be short-lived. I am not buying any new puts, but, it has been hell trying to roll down and out on the ones I have. An IBM and a Gateway are moving down so fast that the price changes before my brokers answer the phone. But this is the kind of hell I like. We really should see 4500 before this end and could go MUCH lower if there is a panic instead of just a quick move down toward rational pricing. MB