As you have heard,, hedge funds and shitty mutual funds ,,who lost big time are selling.. as winners and small retail guys are picking up the pieces,,
As for tomorrow ,, being Friday and with Starr report becoming public,,I expect more volatility ... but we will know the direction tomorrow ..
Here is my thought ..
Japan will hold China at bay ,, for Chinese devaluation will mean complete collapse of whole of Asia ,, we are talking about possible coup de tat even in countries like Korea.. back to eating roots,,like pre Park days during the 60s,, before the export driven economic miracle.. China will clamp down on all the cavalier ,, western business notioned new entrepreneurs on the streets of Shanghai,, you can expect more Tienman Square,, and Hong Kong will become an Orweillian city of concrete,,full of unhappy Chinese with western ideas,, they will jump off the Bank of Hong Kong tower into the Kowloon Bay ,, and Japan will lose it all ,, all of their investment in Asia some trillions of Yens will be forfeited ,,
It will not happen .....,.,.,.,,
Latin America,, well to do has already siphoned off dollars,, some 40% of their national reserves has gone to US and Europe ,, and they will suffer back to early 80s,, before north - south dialogue.. but they will recover..for they do not really relie on foreign goods and services ,, that are detrimental to their economy ,, since 90% of their economy is still an agro-economy ... oil ,, they have it cheap under Pan American Petroleum Conference,, staples,, what they produce plus US Aid ,, is sufficient.. only the rich will suffer ,,no more once a year shopping to Paris,, average citizens have been lost in the pyramid a long ago ,, at the bottom .. Brazil already lost 66% since July ,,, how much lower can they go?
US banks will suffer more ,, but I am not holding any bank shares ,,are you ?
I am in internet.. back to gold ,, and short positions which I daily cover..
I am keen on nets,, telecomm,, utility,, and y2k,,
So far I am only long on internet,, why ?
Believe it or not it is the most secular sector that does not have global economy effect...
Look at SEEK NSCP and LCOS ,, all up actually today .. flight to quality ?
Yes my CMGI lost 20% since yesterday's high of 50 ,, but we reconfirmed the support at 38 ,, even with DOW at -500 on last week and - 350 today ... I feel good very good about it now,, more than ever,, with earninhgs due soon ..
As for other volatile sectors,,I see continued weakness in the retail,,banks. chips,,box makers,,weird shit small caps,,, etc..
I got into COMS today and will trade this for a while,,but also looked at BNYN today ..
Tomorrow we face ,, Clinton issue,, as for Latin America selling off,, I think I made a parody here not too long ago ,,about hot blood Latins going Aiiiiiiiii ,, chinga madre carrrrrrraaaamba .. and selling on emotion ...
INTC just announced ,, that their earnings will come in better than expected,, this will be a boon for tech sector and Nasdaq tomorrow..
Thank god I close out my short positions every day ,,
I am eyeing to buy ,, CSCO ,, LU ,, UAL .. CA ,,
Holding RNTK and CYPH ..
Rememebr always ,, out of chaos,, many fortunes can be made,, during the war,, and this is a war,,
Joe
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