Posted on 07/30/2002 5:20:41 PM PDT by Lazamataz
BS, "just kidding".
Your cashiers check in the amount of $20,000 is on the way. The Family thanks you.
How do you think I get gun purchases approved???
"But honey, THIS one is YOURS..."
;^)
And the passports? Don't forget the passports...
Is there ever a time when we have let you down? I mean someday -- and that day may never come -- I may ask a favor of you. And if that favor were to be granted, I would be in your debt. And then, we would call each other friends.
(Godfather theme music)
They are sparked by big movements in the futures markets followed by heavy buying in key selective stocks that drive up the indexes.This struck me as an odd thing for the writer to assert. Yesterday's huge rally in particular was really, really broad. It wasn't just the indexes.
And pretty much everyone in the world expected a pullback today, and we only got it in the DOW.
Methinks this guy is writing what Daschle hopes is reality, instead of what is happening.
One can be bearish without misstating things too. Yesterday's rally was simply not just in the indexes. And to imply that it would be unexpected or a sign of weakness for there to be a slight pullback after a four day 16% index gain strikes me as bizarre.
Your mileage may vary though.
"I know Jim Traficant. I used to live in the district next to Jim Traficant. And you, sir, are no Jim Traficant."
More godfather music
ChevronTexaco Corp. reported an 81% decline in second-quarter earnings, reflecting flagging profit margins in its refining business and $631 million in write-downs related to its investment in cash-strapped energy marketer Dynegy Inc.
But San Francisco-based ChevronTexaco, the second-largest U.S. oil company, postponed more bad news by keeping its Dynegy write-downs to a minimum. ChevronTexaco warned that it could be forced to write off its remaining $2 billion investment in Dynegy in the third quarter. Dynegy's stock price has been pummeled by liquidity concerns after it disclosed that this year's cash flow will be lower than expected.
BP PLC signaled a brighter future despite reporting a 44% drop in second-quarter profit on lower oil prices and weaker refining margins.
Reflecting its improving outlook, BP raised its dividend by 4.3% and reduced its net debt during the quarter. The company also said its crude-oil and natural-gas output is accelerating.
One must balance the bulls with the bears. Weigh the opinions carefully. Find the logic in each arguement. Pick apart the discrepancies that exist.
...then, throw darts.
OK, seriously, you are speaking a temperate opinion here. And a drastically needed one. The market report is bearish. I'm neutral. I enjoy a lively discussion on the events of the market.
If you want my honest opinion, I was expecting a 100-150 DOW pullback with similar drops in NAS and S&P. I wasn't disappointed in being wrong. It appears to me that things are becoming slightly less emotional and people are again resorting to studying the fundamentals and placing thier money accordingly.
Have we hit bottom? How the heck should I know. I just know that there are enough low priced stocks out there to entice some investors to put a little of that sideline cash back into it. I think there are also enough bargains out there to cause many short-buyers to have taken their profits over the last few days and placed them on the bull side of things or at least took the sidelines. Maybe not a majority, but many.
All I know for certain is that people will be a bit more prudent over the next decade or two. Decadence will rear its ugly head again around 2020 when I sell all my securities, buy CD's, and retire. :)
That's about my plan for early retirement <VBG>. FWIW, I was expecting closer to a 200-point profit-taking pullback (with corresponding profit-taking in the other indexes). If that would have happened, followed by a return to the current levels, I'd be much, much more confident that the emotion's been drained from the market.
buy CD'sI recommend The Who's box set (in memory of John Entwistle).
But I am still bullish through the end of the year.
LOL! Good choice! Hey, at least they sing about My Generation. Of course, in 20 years, I'll not be able to hear, see, walk, or anything else that I took for granted 20 years ago. But I'll have my Who CD's.
Believe it or not, I know a couple of people doing this. They figure as long as they don't acknowledge it, it didn't happen. Severe denial going on.
Anyway, tomorrow makes one week of the "happy days" rally. Let's keep it going for another day or two.
Richard W.
Tragedy or Farce?: It may not produce anything like Trollope's "The Way We Live Now," but an investor-relations agency in Philadelphia is sponsoring a scandal-inspired writing contest. Gregory FCA, as the agency is called, asks contestants to mark the WorldCom collapse, or that of any other "infamous company," by writing a before-collapse annual report in the style of a famous writer. It offers, as an example, this "Faulkner" excerpt, which refers to WorldCom's fallen CEO: "Ebbers, like all the grizzled male Ebbers before him, had in him that certainness and had added a richness to that certainness, and then added a faith to that richness that a dime earned and then spent was still there. . . ."
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