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I agree IRA: An article hit Dow Jones News that this is the worst year in
history for track records for Mutual Funds. I still think we have more
selling to see in Sept. by investors who don't want to pay taxes on losses.
This idea of not selling stocks for patriotic reasons is a little different
from buying a U.S. Govt. guaranteed bond like what was done in WWII.. the
logic is quite faulty. I have long said before this is over it will be the
largest redistribution of wealth since 1929. Fri was the first time the
talking heads compared this week to 1930's. I can tell you as a broker that
I turned down 3 orders this week to buy stocks so the retail client is still
more interested in missing the next buy vs risk that is still in the market
at these levels..... so very possible the retail sector has not capitulated
yet...Personally, I have had clients in cash/hedged or short /// for quite
sometime. It appears to me that the selling we have seen here recently is
mainly foreigners and institutions finally joined in this week with selling.
As we approach Oct 98 lows we may see capitulation by the retail sector...
just as they are all loading up on bonds right now ........
----- Original Message -----
From: "Ira Tunik" <irat@xxxxxxxxx>
To: "realtraders" <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, September 21, 2001 8:04 PM
Subject: [RT] Panic in the streets
> It is not quite over yet. We have not seen the mutual funds start to go
> out of business. CNBC is trying to soothe investors by having Peter
> Lynch on and him telling them that all will be OK and that 5 years from
> now the market will be much higher then it is right now. He did mention
> Mc D and several others.
>
> Today was triple witching. How many puts were exercised today and how
> much unwanted stock will be in the market on Monday? Somewhere in here
> there should be a vicious bear market rally that will rip the bears
> really good. I would not look for that dead cat rally as some are
> looking for. The market is perverse and will try and take the most
> money from the most people in the shortest amount of time. Look at all
> those traders that are still averaging in. Boy is their average cost
> way down and it could get lower if they don't run out of money first.
> Even the Bass Bros. get margin calls.
>
> The old saying still goes, "Bulls make money, Bears make money and Pigs
> go to slaughter." So don't get married to a position. Stay flexible,
> and look at both sides of the market. have a good week end. Ira.
>
>
> To unsubscribe from this group, send an email to:
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>
>
>
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