This board is quite bearish and I'm still trying to learn more the influence of RYDEX Funds, which I feel are a valuable indicator most of the time but not the only one to hang your hat on! I am very bullish in here and the reasons are, as I stated Tuesday evening, the NAZ 100 has bounced perfectly off of its lower trendline and projects to the area of 2600 where I expect some backing and filling and then higher, eventually to the area of 2900 in January. We have the seasonal factor here with the end of tax loss selling tomorrow coupled with the huge influx of money in Jan. I fully expect an old fashioned "January effect rally" with those issues severely oversold benefiting the most in January. I expect this current rally to ACCELERATE in January and next week for that matter. The series of lower highs in the S&P should be taken out. I expect 11K soon, (in the days ahead) in the DOW. I am very long in here with over 20 points in JNPR and 12 in BRCD since late Tuesday. I'm long VRTS, SEBL, QCOM, & ORCL. Technically, I'm playing the 15, 30 & 60 min. charts along with Stochastic, Williams %R and RSI oscillators. I sold YHOO at a 1 point loss (Never Again!) I know that we are working to an overbought condition, but most of my indicators (Stochastics etc) have much further to go. For tomorrow, I feel we will have a little party at the expense of the Bears and finish the year with a nice low volume advance. Right now, I think we can accelerate next week. As always, keep your stops in place and don't fall in love with anything! As an old friend of mine once said "Why do I always hurt the stock I love?"
WHAT A COUNTRY! |
