High all,
Back from some fly fishing (my favorite past time, what else<g>). Great to get away for a few days, but missed you all terribly...
As many of you have heard by now, we have had the best August in 10 years for the stock market. My reading is we see Nasdaq will continue to rally (London markets up today), to 4300-4400 maybe by the end of the week, and the DOW to hit 11,400. I also see some profit taking after that, and before the first week of October. Also see some money coming out of the States and crossing the Atlantic as Telcoms start paying the bills and investors start bottom feeding there.
The good news for tech longs is that the markets historically have a sustainable rally after the Fed is done with a series of interest rate hikes. While I am not going to argue the merits of whether Greenspan will or will not raise, the overriding consensus is that he will not hike rates. In fact it could be argued that he could further soften the landing by giving a rate cut, perhaps as early as February, (ie no hike, loose bias next FOMC).
Don't see any major IPO's this week that will chase any money away. That been said I do have some good stuff this week, both long and short. Will drop by later tonight, catch up with mail and get down to biz.
Lata..
Sharck |
