spring meltdown hasnt unfolded exactly like I expected
I thought Feb econ data would show more slowing
I thought inventory pipelines would be chockfull to excess
(from Y2K snafus that were planned for but never happened)
I thought the Y2K effect would usher in a period of Indigestion Post-Y2K effect
we did see -0.8% factory orders today
durable orders were recently slower also
but what we are seeing now with Naz tech stocks is different
sure, it is a correction, but more like a midcourse correction with definite pause pattern characteristics
techs got silly with biotechs leading the speculative stupidity
of course, internets joined the stupidity as always
I saw at least 50 stocks display the exact same triple-upleg Elliott Wave peaking pattern among tech stocks... now all of them completed the same double-downleg EW correction unwinding
now we require some time to recover from the puke wretching, rest, nursing, maybe some good oldfashioned breast feeding, re-evaluation, research, and conclusion that the tech trend is NOT over by any means
I erred in my assessment of the tech continuation
now I think the Y2K effect was ignition for a widespread sustained genuine and extremely deep revolution that will continue for at least 2-3 years
led by Gilder's badboys: fiberoptic, wireless, chips
I see the current explosive phenomenon to be fiberoptic
once it gets solidly underway, wireless takes over, esp wireless internet
more later, let's keep this going, Greggster
/ Jim |
