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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime
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To: The Devil Dog who wrote (45921)12/3/2000 1:36:29 PM
From: Shack   of 62348
 
Definitely there are some events likely to unfold in the next few weeks which would lead to some sort of rally. Election resolution and a change in the Fed's bias will however do little to stop the avalanche of earnings warnings which will emanate from the tech sector where the income statements have been stacked with investment gains which are not likely ot be repeated in this market environment. Double whammy as there will be operational shortfalls as well. IMHO these shortfalls have not been discounted fully in the Nasdaq. Hard to believe after a 50% drop but it has been all froth.

As for the so called old economy, pull up a 10 year chart on the S&P500 index or the DOW and tell me if ANYTHING AT ALL has been discounted for an economic slowdown. If either the S&P or DOW were stocks that we trade, there isn't anyone here who wouldn't be shorting on any sort of rally, no matter how minor. Of course valuations here are more reasonable but still near historical highs.

It is true that you MUST play the reaction rallies. One would be foolish not to because they are lucrative. Just be prepared to turn on a dime as the fine traders here know better than most because unfortunately for most, I think the real pain may be just beginning.
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