Ok Berney, It's time we talked about a market pull back!!
I need one!!gg The 401 is in cash and getting mouldy, so do something...start a Y2K rumor or something - anything.
I gotta believe I'm not the only one sitting in cash wanting in, so about January 3, 2000 there is going to be some cash coming into Mr. market's pockets. This means that fund managers will be buying because they have quotas to meet also, they can't just have cash sitting around either.
So can we have a pull back for the next week or so and then a runup say the 3rd and 4th week in Jan? pleeeeease? OEX could still be healthy and pull back to the 775 level over the next few days and then move sideways, or just mooch up the lower trend line a little until the next run up to, oh, say 860 or so, oops - nope, it would hit my max extent line at around 830. I have the extent at 833.75 for Feb 1, 2000. Nice round number hugh? This would kinda coincide with the prediction I have for the Nasdaq toppin out the first part of Feb and moving sorta sideways for a coupla months.
For the naz numbers, I just took last years run up from Oct 98 through Feb 99 and used the same percentage to get a future value of 4547 in Feb 2K.
I don't know if all this will happen, I'm just saying that it could, but one thing I am comfortable with is that OEX is hitting my upper trend line and it sure looks like a pull back for the first of this week if not all week into the new year. On the other hand it could noodle up that upper trend line, but it seldom does this. I guess the naz-nutz will just continue to ignore us cautious people and forge ahead - unbridled enthusiaziammmum?ggg
Oh weeeelll, fun to speculate, if you are out and wantin in.
Happy trading, cu
PK
edit: BTW has there been any more talk about three rumbles and a tumble? I was just wondering if anyone has looked at previous years to see when the tumble occurs with respect to the last rate hike. |
