OT - t2, I see you are hanging on w/ Softee!
Anyhow - be careful of the TA here. The psychology is actually rather fragile. Yes, I know that the market staged a tremendous re-bound, but this has left a mark, IMO.
You now have more people who are more ready to sell. Both to protect the tremendous gains of recent years (investors), and to avoid losses (traders). Today, the response has been - yet again - to buy the dip. But I see the possibility that one day, there may not be a willingness to buy the dip. And that would be trouble. I have been on record since last year regarding the general market - my fear is late this year (after the election), and next year. That is when I think the odds are, we may have a major decline, not followed immediately by buying the dip - if that situation persists for a certain length of time, you will see a genuine bear (how long a bear, I can't tell).
So, I remain very nervous here. Yes, I will continue to take advantage of the party as long as it goes on. But I am more in cash than ever, and I'm protecting my long-term portfolio with hedges. I am very uneasy about late this year, and the year of 2001.
As to the TA on Naz here - as often is the case, it becomes a self-fulfilling prophesy. Personally, I don't rely on it too much when it comes to forecasting the Naz.
Good luck!
Morgan
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