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Strategies & Market Trends : Strictly: Drilling II
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To: mishedlo who wrote (25405)1/12/2003 3:29:25 AM
From: jimsioi  Read Replies (1) of 36161
 
Bush's proposal and the S&P (SPY) P&F

The best thing about the Bush proposal is that it has bolstered the stock market, which I suspect will soon run out of steam though upcoming earnings will have much to say about that....If the bad news is bought and the good not sold one will have to assume buyers want to buy and there is money ready to be committed to equities....Again, I think there is looking over the valley of the IRAQ war in the anticipation that all will end quickly and much to the American's liking. Why do I think that's too much to ask.???

I suspect there's enough of the Bush proposal to feed a rally up to 960 on the S&P 500 in the next week or two if a couple of good earnings come through . Then uncertainty will hold things at the end of January, about the time the war is just a few days away....Be wild to see what happens to energy stocks if (a) the war does go smoothly to the Americans delight, (b) oil falls as it looses its "war premium." BUT THEN (c) rapidly falling Natural Gas storage supplies fire up that commodity's price..... I suspect few will notice the NG rally as they'll be falling all over themselves driving up big cap tech, and energy stocks will be under some significant and immediate pressure....Great buying opportunity, however, in energy right after a successful war I suspect....

SPY P&F
stockcharts.com[PA][DA][F!3!0.15!]&pref=G
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