Arghhhhh
No one said sitting
on the sidelines had to be
fun.
Profitable, from a relative
standpoint, but not necessarily fun.
In the bells, with the exception of
Nokia
(
NOK |
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PowerRating), Tellabs
(
TLAB |
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PowerRating), and Microsoft
(
MSFT |
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PowerRating), nearly all
landed with losses of 5% or more.
Cisco
(
CSCO |
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PowerRating) forfeited 13%,
though on lighter trade than the prior two days.
As mentioned Thursday, there are
stocks setting up, or just breaking out of, multimonth bases.
For the aggressive trader of growth
stocks, however, these aren’t exactly glamour names.
One is First Data
(
FDC |
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PowerRating), working
on a seven-month base.
Another, mentioned
Thursday and previous to that, is American Standard
(
ASD |
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PowerRating), a conglomerate.
Americredit
(
ACF |
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PowerRating) is also setting
up.
If there is a silver lining to all of
the worries of the day — the earnings warnings (Copper Mountain
(
CMTN |
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PowerRating),
Bausch & Lomb
(
BOL |
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PowerRating), Borders
(
BGP |
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PowerRating), Delta
(
DAL |
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PowerRating), and Sapient
(
SAPE |
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PowerRating)
were some that fired cautionary flares on Friday), the credit crunch, the
California energy crisis, elevated energy prices, the sinking buck, Russia’s
debt woes — it is that there are worries at all.
For a bear market isn’t supposed to
end until fear rises at a seemingly boundless pace.
At least that’s the way it’s worked in
the past.
In the meantime, keep your composure
and let the market come to you, as it at some point will.
Judging by conversations I’ve had
recently, most I speak with are not disgusted.
Then again, that could be the problem.