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Some random notes...

When the NAS was at 5100 the trend was up, many thought the market overbought, I stayed pat, even though I couldn't believe how high it got.

Now the NAS is at 2700 or so, and many (not all) think the market oversold. I'm staying fully invested - I can't believe how low it got.

Earnings, in the long run, drive prices. In the short and intermediate term, so does FUD and PE multiple expansion and contractions. Perhaps we'll look back and see that the April crash was a bubble bursting, but since then the market was forecasting the current economic slowdown. I think so.

Well, guess what? The economic bottom is forming or will be forming between now and June, and then, given the inherent strengths underlying our economy, respectable growth will resume. When will the market recongnize and price for this? Perhaps 6 months or so before it happens, or about now.

Catalysts: There is NO optic slowdown, it's FUD. Q4 earnings will support that. The FED will go to a neutral bias - just listened to Alan and he all but said it. Gore lost, it's now a matter of fighting to the bitter end (12/11), or maintaining some class and today or tomorrow saying "In truth, we have a slim chance in the FLA Supreme court, and according to our lawyers a better chance in Seminole County. I don't want to win by having military ballets thrown out that I belive reflected the will of the voters, and so I concede before that decision is known to uphold the principle that I so strongly believe in."

Now is the time to separate yourself from the crowd, take stock, understand your equities, and play the game accordingly.

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