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see that's funny, because I don't think this is news (although clearly the market thinks it is news). I'm pissed because a biotech that I held overnight is down 7%, on a piece of news that we knew three months ago.

It may be fear, but it's dumb fear. We knew WCOM was going in the toilet three months ago. These are just the people with bad memories. Look for a bounce back.

I think you missed the point.

So, so kind. I'm actually not very sane today (I caught the WCOM news holding two biotechs long, ouch). Oh well, it's only money.

That's a tough one. My knowledge is skewed because all my friends worked in telecom and software. Texas still has very viable industries in oil and large defense contracts. Additionally, it seems like every major company has started to open an administrative arm in Texas, because it cost less...

You're are correct Vishnu, that the Naz throws the P/E ratios way out of whack, but I think if you do any research the truth will bear out that P/E ratios have to drop before the market returns. If the past history holds, then the Dow is probably getting closer to fair value, but the Naz has a...

Hey GG, I don't know a good way to tell you what the average current P/E ratio is for all stocks, but I do remember hearing in something that I recently read that the Naz 100 was selling at about 57 times earnings (not the gospel, just what I recall) The entire market is probably selling...

I'm in biotechs and regional banks. The bio's are probably going to hurt.

I know the market is going to tank tomorrow, but didn't we as traders all see this coming (at least a little). I shorted WCOM back in March when it was at $8 and I got out when it was $6, only to be surprised a few days later when it was worth $4.5. I've got to believe you guys had a...

This looks ugly. I think we'll have a very harsh day tomorrow, but stocks are already pretty low, so I see a bounce before the end of the week.

I know I've said this before, but what the hay. It's easy to pick the bottom. Every major downturn has bottomed when the P/E ratios reach historic levels (i.e. below 20). FYI: We're not there yet.

I second that great article. I wonder if the over priced housing in the Bay Area could be caused by rent control. An interesting phenomenon has occurred around here. Many landlords couldn't take advantage of the boom (by charging higher rents) because of the rent controls that exist in...

Still holding all my longs (with a small profit), but I honestly don't know what to do from here. I bet you're on to something with the selling pressure. I question if the Dow will temporarily bounce off of 9000 or continue to sink like a rock on its way to 8500 (maybe lower). One thing...

Now that you mention it, I don't remember how I made that conclusion. Boy, sometimes I'm really in space.

I agree with this statement as a theoretical ideology, but I hate when people try to apply it to just any act of government they want to bash. Our government requires us to get a drivers license in order to drive. In Texas, they take a retina scan, a finger print, take down all your relevant...

Very nice results. It seems like we have similar trading styles. My numbers, while not quite as impressive, pretty much mirror your numbers. This has prompted a few questions. 1. How long of a period have you traded with these results (more importantly how many trades)? 2. Do you...

Hey GG, I had the same problem today trying to get into my retirement account, but I must say that my experience with Datek is 10 times better than my experience with Fidelity.

I am trading it long, but I have a quick trigger finger. I don't doubt that a big rally could happen, but the summer is not the place for it. Late August or September maybe (of course I've been wrong before).

I'm seeing the same thing. Generally I got killed today by the market, but I did have one nice winner that brought me just above even for the day. I still think we're in a major downtrend that will have these little intermittent stair steps up until P/E ratios return to historical levels.

I was emailing one of my friends about the discussions we've had here relative to the real estate market, and he informed me of something that I had no idea was occurring. Apparently one of his coworkers has a "negative amortization" mortgage. his monthly payment doesn't even cover the...