G'day Tom,
> Paging Dr. Schaap, paging Dr. Schaap . . .
I'm sure Doug has me down as the anesthetist ...
> What's your take on the MerValous paroxysm at NASDAQ? The scent of
> death sure gets the vultures aflutter, eh?
The Lesser Speckled Argentinian Vulture is remarkable for its habit of fleeing
from corpses. 8.3% of said vultures flew north today alone, and the
ever-opportunistic Greater Greenbacked Vulture has joined in for a short
feeding frenzy. Anyway, it has to go somewhere, and where else would it go
right now?. I mean, the hacks explained yesterday's swoon in the finance
sector with reference to Argentina's bad debt plight - well, that plight is so
much the worse today, and today it explains a whopping recovery! And
Microsoft is trading at a PE of 40, and cops billions in early trading on very
ordinary projections in a demonstrably mature sector! If M$ is really so
bloody cocky, why is it dumping 3% of its workforce as we speak? My medical
training tells me that any recovery based on IT stocks right now is the
equivalent of a hungover drunk having a few shots in the morning. It'll wear
off by lunchtime, and it'll hurt all the more then.
And then there's GM: up five per cent because their revenues are down ...
S'pose we'll see in the morning if there are any more Latin fowl to pluck -
me, I'm having my man get me back into cash overnight. It's Friday here, so I
might buy a beer with it.
Cheers,
Rob.
