Mike Macgirvin
Diary and Other Rantings
   
Wednesday, Oct 08 2008, 02:56 pm
Mar 13, 2001
...And the Nasdaq takes another drumming.

...And the Nasdaq takes another drumming. Now we're starting to see some pretty good buys. But like all the other potential buyers who are sitting this out, why rush it? We're still a week away from the FOMC convening and there's still room for some serious sliding. There's little hope for any solid good news to turn anything around before then. Still, timing the absolute bottom is pretty dicey at best. There are some sure things out there. When the bottom is eventually reached, you're going to see money flows like never before witnessed. Lots of analysts claim we'll be trading sideways for months or even years. I don't buy it. Trillions of dollars in baby boomer retirement funds are looking to jump in at the ultimate bottom. The challenge is of course to get there one day ahead of them.

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