Zeev,
<< (and the disapearance in no time of my dear year end rally <VBG>) >>
It looks to me like we may had our Santa Rally the first week of December with the Bear starting to run as of 12/8. Is it possible that the Bear chased Santa away and it is downhill from here?
Even though the market has rebounded about 50% off the lows, it appears that key levels of support have been breached and a lot of technical, emotional, and psychological damage has been done. People are finally saying what you and Mohan have been saying for weeks. If people finally accept that what is happening in Asia is bad for us, then hasn't the bubble popped? Add to that the bearish comments from Merrill Lynch and Prudential, and I think that it adds up to a lot more reasons to sell than reasons to buy. Do you think the market will respond this way? Do you see the market moving upward or downward during the last hour or two today?
Yesterday and today seem to be mirror images of the Thursday and Friday before 10/27/97. More bad news from Asia and/or a reaction in their markets to a bad day today in Wall Street, might, in my opinion, trigger another Black Monday. If so, I don't think Tuesday will see a strong rebound like we saw on 10/28. Do you agree?
One bullish indicator: INTC has climbed back over 69. Amazing!
Your thoughts and comments, as always, would be greatly appreciated.
Happy
P.S. Are you related to Richard McCabe of Merrill Lynch. His statements yesterday sounded a lot like what you told SI several weeks ago! Maybe he is just catching up with his SI lurking !!! : ' ) |
