I can`t believe what i have been reading on HC today,PANIC,PANIC,PANIC-it`s so pathetic.
The driver of this sell-down is not Fundamentals,the U.S. economy is in fair shape.The biggest thing driving this sell-down is fear derived from a myriad of corporations cooking their books in order not to "miss the street" and have their stock price plummett and their stock options whittled away.
Over the last couple of weeks a very high percentage of companies "met the street" yet because of this fear factor the market is still very nervous and a slight whisper of accounting can capitulate a stock.
Me,well i have been 100% cash waiting for this day to arrive and when everyone is panic-selling on Monday i will be on a buying spree picking up huge bargains and as panic-sellers sell at a loss i will be buying up at irresisible prices.
On Monday night i expect Wall St. to fall another 150-200 points and then a turn around as Bulls come back in and buy up at irresistible levels.
We won`t see a turn around until total capitulation and we are very close now.
What we saw last night with a 390 point sell-off was a last gasp from the bears and a day of cataclysmic selling that will finish the bears off.
Those of you that are long,don`t sell,but your stocks will be sold down before a turn around.The only losers will be the sellers.
After September 11,most stocks returned to their pre-September 11 value in a few weeks and if i were long now i`d be buying more when they bounce.
So get ready to BUY the panic-sellers losses at great levels.
I made a killing (pardon the pun) after September 11 and am waiting to do it all again.
P.S I have postponed an overseas trip with the fiancee,so i better be right.
