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Strategies & Market Trends : Tech Stock Options -- Ignore unavailable to you. Want to Upgrade?

To: SJS who wrote (51574)	9/4/1998 6:42:00 PM
From: B.REVERE	Read Replies (1) \| Respond to of 58727

Steve, you wrote, "That pullback marked a 20% correction from the all-time high in July, but at that level,bulls were quick to defend the market and stock prices came roaring back in the last 30 minutes....". I don't believe "da bulls", whoever they are, were defending the market. These people were defending their livelihood. When the media pundits officially term this market "bear", these guys with the money will be the first ones out the door. The door not being the market, but the place where they work. In bear markets, capital gets tight and trading dries up. The fund managers, money managers, investment gurus, economists for hire all want the fed to lower rates because it's the only thing that can turn this market around right now. With world economies looking bleaker each day, they have nothing with which to sell their words of optimism to the ever naive public. The small and mid-caps have been in a bear market for at least a year now but no one mentions it. The Morgan Stanley's of the world just had their head handed to them and they had to sell Pfizer to cover some of the billions of dollars in losses this company will take over the next three months. Naturally they sold a big winner for them but had to downgrade to a "hold" for the public. They don't want Pfizer getting away from them now that there out of their position. It's a con game at its best and the public buys it. If there's one company that you should own in the next couple of decades, it's Pfizer. Economic downturn or not, people will still be trying to take care of themselves. If you think Asia and Russia defaults and devaluations were bad for the US, watch the dominoes fall in South America. The safest place to be the next two months is cash or treasuries. And yes, I am short the spx, but do own Pfizer. Later, BR