OT - Stock Market

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I wonder who was buying today and yesterday? I would think that few professionals would beleive the "New Economy" hype. I have yet to hear anything to support it. (Except possibly things that I have said about how mass media can make any market look rosy. And that's not what most people have in mind when they say "New Economy".) The new day trader types should have been scared off by the recent down turns. So who was buying today?

Put your money in a sock and keep your...

-- eyes_open (best@wishes.2all), April 18, 2000


Tech bulls jumping all over anyone who shorted the market. Momentum players who see this bounce as just another dip being bought (and maybe they're right.) Funds rebuilding and reloading after last week's carnage. All the margin players who managed to cover and now want to get it all back and RIGHT NOW! Anyone who sees a triple-digit P/E as a buying opportunity.

Last week appears to have changed little in the fundamental psychology of the markets. Techs (and the Nazz) rule and everything else is just going along for the ride. Party on, dudes!

One thing is clear: real fear did not take over the markets last week. There were shreds of it, certainly, and many a banner headline, but there was never a true capitulation. A down Monday would have done it, but that was not to be. This would seem to indiacte that the real washout has not yet occurred.

-- DeeEmBee (macbeth1@pacbell.net), April 18, 2000.

You bet I was buying. All the way up and all the way down. But I still like the SHINEY STUFF.

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-- GOLD LOSER (goldloser@and.lose), April 18, 2000.

Came across this on TheStreet.com after I posted:

A Wave of Reassurance

By James J. Cramer

4/18/00 4:08 PM ET

Expiration is playing havoc with the market -- benefiting the long side. I see it. I feel it. I just don't know how to play it. Our instincts are to play it with big-cap NDX names and that's precisely how we are positioned.

This day gave us so much reassurance that, by the end of the day, we felt downright cocky in the Nasdaq hotties. We were even thinking of taking some I2 Technologies (ITWO:Nasdaq - news - boards) up 12 just to see if we could sell it for 16. But then common sense got the better of us. And we left a really good trade on the table.

Today was one of those days that must have given more hope than can be believed to the Buzz Goulds of the world. So we will have to contend with their arrogance for still one more dip.

Oh well.

It's as if the market is trying to warn people with these recent plunges, but no one's really listening. Everyone still seems to think (a) that it won't drop for long and (b) if it does drop seriously, they can get out without any large losses. Amazing...

-- DeeEmBee (macbeth1@pacbell.net), April 18, 2000.


What does the "OT" in front of your post mean? ;-)

Gone but not forgotten,


-- Someone (ChimingIn@twocents.cam), April 18, 2000.

Frank OT means off topic

At one time on this forum people thought the only topic should be y2k or anything pertaining to y2k. Some of us defined pertaining to y2k differently than others and discussions became heated even childish. To be polite some posters started thier off topic posts with OT to warn those who might become offended not to click the thread.

I don't think its necessary anymore.

-- Swampthing (in@the.swamp), April 18, 2000.

Frank, in this instance, I believe "OT" stands for "On Trading." 8^)

A couple excerpts from Bloomberg article Na sdaq Composite Soars to 2nd-Biggest Gain, Led by Microsoft:

Investors who may have feared a further slide after last week's market plunge now "can step back and say, 'Hell's bells, earnings are wonderful and the economy is great,'" said Donald Coxe at Chicago-based Harris Investment Management Inc., which oversees about $12.5 billion.

"Investors look at what the prices of these stocks are now compared with a month ago, and they're very cheap," said Coxe, who has been adding to his holdings of Merck & Co. and Delta.

I guess trying to draw lessons from the past is out of style, or maybe it never was fashionable.

-- David L (bumpkin@dnet.net), April 18, 2000.

Guess I was too positive and too right on the money for the doomers.

-- (investor@staying.the.course), April 18, 2000.

LOL! No, investor, that's not what I meant. My comment was directed solely at the idea that something being cheaper than a month ago ensures that it's a good value.

-- David L (bumpkin@dnet.net), April 18, 2000.


That was actually my mediocre attempt at humor. But thanks for the courtesy. :-)


-- Someone (ChimingIn@twocents.cam), April 18, 2000.

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