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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: pater tenebrarum who wrote (80612)12/21/1999 11:25:00 AM
From: Crimson Ghost  Read Replies (1) of 86076
 
Heinz

Let me be clear. Top is approaching but cetainly not here yet. NAZ obviously wants to go higher -- possibly considerably higher. And the major averages (not just the NAZ) continue to ignore the bad news coming out of the credit markets.

For the future I do think we will get a decent bounce in the depressed sectors of market before the final highs. Small cap value stock indexes for instance are up maybe 3% this year versus 80% or so for the NAZ. Certainly room for a 10% bounce in this sector in early 2000 before the bull calls it quits.

The key to the final top will, I think be market reaction to news. As long as the NAZ and the big cap stcoks in general keep ignoring bad news the market can only head higher. But once bad news is treated as meaningful again then watch out below.

Those playing the NAZ here will have to very nimble to avoid giving back their gains and then some.
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