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I received this from Real Traders list.........I hate to see someone fall
this way, but
it makes you think about it.
Adam
----- Original Message -----
From: Gwenael Gautier <ggautier@xxxxxxxxxxx>
Sent: Friday, February 25, 2000 6:43 AM
Subject: [RT] All we need is tech...
> Found this on http://www.siliconinvestor.com/insight/contrarian/
>
> Gwenn
>
> All we need is tech... Richard Russell in his column yesterday described
> the market as grotesque, which is not a bad description. To try to put
> the chaos in perspective, here's an approximate rundown on some of the
> indices thus far this year. The S&P is down about 7 percent, the Dow's
> down about 12, the transportation index is down about 20, various
> different financial indexes are down about 16 and the Amex oil index is
> down about 17. Compare that with the Nasdaq, which is up about 13
> percent; the Nasdaq 100, which is up about 14 and the Sox, which is up
> about 50. I guess in the new economy bubbleonians figure we don't need
> oil, transportation or financial help, we just need technology.
>
> The more traditional companies (the ones that employ most people and buy
> lots of technology, by the way) in America continue to get tossed over
> the side while absolutely madcap speculation takes place on the Nasdaq
> and in technology in general.
>
> In the mania chronicles... I want to share an email a reader sent me
> from a Yahoo message board about a speculation gone bad. We should point
> out though that this stock has split 2-for-1, so some of the numbers
> don't make sense. I can't vouch for the accuracy of this particular
> post, but if it turns out to be a spoof, I think the point survives.
> Because if things like this haven't happened already, unfortunately they
> will happen down the road.
>
> "Took equity line equal to 125% of my homes value in May 99. Put money
> in my brokerage account, set up margin, went on margin 100% when athm
> was 175, rode it to 199 then all the way down to here.
> "House was sold, fortunately it's a real strong market so was able to
> cover total 125% loan. Used balance of proceeds to pay off 50% of margin
> debt, of course the brokerage sold most of my equities awhile ago to
> cover the calls.
> "I'm now working 2 jobs, and am moving back in with mom, with my wife
> who is 6 months pregnant. My wife is also working two jobs days at
> shoprite and nights at Rite Aid. She's making pretty good money but her
> feet are getting real swollen.
> "We figure that we should be out from under in 3 years, or if athm gets
> to 200."
>
>
>
>
>
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