an observation on the internet arena...
months ago, a notorious short seller that we all know said the nets were doomed, no more life for amzn...and same for many analysts across board, and a multitude of folks on SI...
I gave my rebuttle to this SS, of whom I do admire, BUT emphatically disagreed.
Today, I see YHOO hitting new highs, CMGI, INKT...and the list just goes on...recently AOL, VERT, INSP,.....even RRRR!!!! and AMZN has rebounded as well.
now, I'm not saying the nets will continue to go to the moon as all are subject to market correction, but this is maybe the third inning of a nine inning ball game within this arena....and maybe the doom and gloomers will finally get it right...
But I would like to express my opinion to those naysayers, as only our beloved OJ can do...JUST ONCE MORE TIME FOR THE DAY!
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!
But seriously folks (athough I was with the aforementioned), we've been on a massive run and many of us are now thinking it's time for a pullback, profit taking time, and then one more run before the end of the year. I saw this post on the MDA thread for those who follow Favors....
Favors:
December 3, 1999
Last week we told subscribers that the Dow should reach a low
by Monday or Tuesday of this week, and then rally back up to
higher highs near the end of the week. The Dow reached a print
low of 10874 on Tuesday, November 30, and has since rallied
467 points to a print high of 11341 on December 3. While the
Dow could begin a pullback at any time, the Cycles still call for
the next short-term high near December 9, plus or minus 1 day.
From there the Cycles call for the next short-term low near
December 13 or l4th, and a new rally to higher highs should
emerge from there.
As long as the Dow holds above 10785 intraday the short-term
trend will remain up
We have stated that any rally above 11195 intraday would be
bullish and would give a Buy Signal off the Gann Weekly Chart.
That signal was given today.
From here the most important resistance will be the August highs
in the Dow. If the Dow exceeds the prior intraday all-time high, a
very bullish signal will be given by our Gann Quarterly Chart,
which is the strongest of all the Gann Charts we follow. Over the
last 17 years this chart has turned up just 11 times. Over the last
17 years the smallest rally off a Quarterly Chart bottom saw the
Dow rise 21%. If the Quarterly Chart does turn up from here
and the Dow just matched the smallest rally of the last 17 years,
the Dow reach 11959 intraday. That again would be our
minimum target if the Dow rallies above 11429 intraday from
here on. The average rally over the last 17 years after a
Quarterly Chart upturn was 55%. If the Quarterly Chart does
turn up and the Dow just matches the average rally over the last
17 years, the Dow would reach the 15320 intraday area before
top. As far as we are concerned the above numbers are not
unrealistic.
The Gann Quarterly Chart will turn up from here if the Dow
exceeds 11429 intraday. The intraday high on December 3 was
11420, within just nine points of that 11429 trigger. If the Dow
does rally above 11429 intraday keep in mind that this does not
necessarily mean the Dow is going significantly higher over the
next few days. Often when the Quarterly Chart turns up the Dow
will see a short-term high the same day or within one or two
days after the chart turns up. The Dow will then begin a brief
correction for a few days before turning back up to new highs.
Beginning Friday, December 31, 1999 access to this
commentary will be available by ID/Passcode. Further
information regarding this change will be posted with next
week's commentary.
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