Back in the good old days of 1999, my young broker friends and I would laugh at the old men in wheeled chairs, bringing tickets for Tootsie Roll and Eastman Kodak to the trading desk. The Bethlehem Steel crowd could not grasp the dot com “revolution”, due to minor impediments–such as free cash flow and legitimate business models.
At the time of the crash, one of my childhood friends worked for me. His father was an executive at a big bank, experienced on Wall Street for more than 30 years. He had a small account with us, no more than $150k. He was down a swift 20k on the initial downtick and asked me to sell out his account and send back the money. Naturally, I tried to convince him otherwise, since the “new economy”, as we liked to call it back them, would replace all of the old idiot stores with the online variety.
He replied, in a distinct eastern european accent, “you’re f#cked for at least 10-15 years.” My broker friends and I had a good laugh about that statement, over drinks at Bryant Park that night, belittling the old man for being “close to the wheeled chair.”
Lo and behold, he was right. The markets are at new highs–but the NASDAQ isn’t even close to new highs, which is the index that all “new economy” protagonists claimed to be superior to the Dow and SPY. Back then there were people who believed the NASDAQ would surpass the Dow in price. Clearly, we were lunatics–high off the money and speed of the markets. We were also drunk a lot.
The good news is: the market has worked through that technology bubble and subsequent meltdown for over 13 years. We are overdue another great big, stupid, bubble. The only question is “where?”
All signs are pointing towards the solar/LED markets. But there are quite a few movers this year. I’ve compiled two lists of stocks, one being the actual biggest winners in the tech space, the other is a list of small cap names that might go “HAM” to the upside soon.
All based upon the laws of mathematics and other celestial things of course, yada, yada, yada.
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http://www.youtube.com/watch?v=whRRR08A3Ac
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This avatar would simply like to mention that it has picked the stock known as FSLR or the First Bank of Solar Reactions in the contest of gentle mens and scholarships aka the STOCK of the Year Gala by one of the finest traders in the lands of social interactive (no brokers) communications, the Legendary Raging Cajun.
Guess we’ll see tomorrow.
Good tunes… aha… pretty.
+1 LeFly.
Like the idea. But the new economy will be keeping dead(old as fuck) people alive by any means.
Due to the fact that we are still dealing with the new economy generation(they will never go away). Any chance that the old economy makes the turn instead?
Offer 90% of the world(actual humans trying not to die) a bag of coal or a solar panel. Kind of easy to guess the answer.
Magnetic induction generators, no wind or sun required
I remember that. He was so right.
regards
Chuck Bennett
1987 was fun as well. My first year trading and the market just kept going. So much that the Friday before Black Monday I decided not to sell in the face of warnings. I did sell Monday morning into the panic. It was still a very profitable year. Before PC’s, before cells, and before bank ATM’s. The local Schwab office had three white monitored computers ( pracitically useless )
for fancy trading.
My favorite memory was the frazzled sound of the office in the background on Black Monday- and the lady working for Schwab asking me ” Market or Limit ? ” and she added ” I can’t promise you these will go through ”
I had Coke, Phillips 66 ( pre merger ) Reebok, Chevron, and I think Ramada and Holiday Inn…
LOL @ memory lane.
been in the coal mines for a month now and it’s been good… only lonely homie
Fools rush in where wise men fear to tread. Did you know that June is slightly worse than May over the past 50 years? Avoid that June Swoon.
nice return, there, on that #1 tech.
😉