Agree Jan,
You did give me a lot of confidence to buy CSCO, JDSU, IDC this morning....also sold CLRS to and bought it back later....
I was surprised your charts showed green pastured ahead on Jan 3. IMO these levels were unsustainable. As someone told me yesterday, we were worried the markets had not moved up for 4 months between June and Oct - yet no one was surprised that they remained in continuous motion for the next few months (whew !! what a move)....do you realise that at this rate we could have seen 5000 Nasdaq in Jan itself ???
IMO The market had gone up too much too fast. The gains on likes of QCOM, YHOO, CMRC, ICGE, CMGI... - some people were itching to take profits while some wanted to cover their shorts.....All the big guys didn't want to mess with the markets before Jan 1, so any correction which we could have seen mid Dec was deferred to early Jan as the market was proped up. Since Jan is a good month...not many wanted to go home sort.....interest rate fears resurfaced after the Y2K issues were resolved, fed induced liquidity was pulled off, stop losses got triggered, margin calls got issued...weak hands just sold and went to sidelines...the 3000% profits were realised as people waited for bottom fishing to make sure 2000 also gave them 3000% (sheesh!)...
Maybe it was I and my need for a correction ??? LOL
Whatever it was, it may be over ! Then again, maybe not ? Its better now than later..... |
