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Navellier is full of BS. He's playing both sides of the fence. Here's what he also said two days ago:
Good-by Rally
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I've been getting a ton of e-mails, asking why I haven't added
any tech stocks to my Blue Chip Growth Letter "buy list" (we own only one).
Simple answer.
I CAN'T find hardly any tech stocks that are making money and
have reasonable P/E ratios. And all evidence shows that the tech
rally that began on October 9th was mostly the result of
short-covering by hedge-fund managers.
A junk rally.
Lucent, WorldCom and Nortel all soared 100%. Loser companies.
Bear-traps for unwary investors now.
A similar tech bubble formed a year ago in the 4th quarter of
2001. Tech stocks soared 45% in October & November overall --
then DROPPED like rocks when they reported bad earnings in
January.
The same thing is about to happen all over again. In fact, it's already beginning. Despite the short-lived rally on January 2nd, the NASDAQ is down 7% since its late-November peak. And odds are that slide will worsen in the weeks to come.
And many investors -- caught in the downdraft again -- will
likely PANIC, sending the tech sector spinning out of control.
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