Morning Ike...
seems to me we will test the 200dmva on the NAZ...i believe buyers will appear there...3400 area...
i have 1440 as support on the SPM via P&F...most NYSE type stocks are doing well...as is our Main Indicator the NYSEBP it's on a buy signal...
so DOW type stocks are tradable here...and techs off bottoms...semis & bio techs here..look buyable after earnings are reported...the street is selling the news, buy we can buy that dip after they report...and at much much cheaper prices...
i too will dip my toes at or near the lows today...short term bounce is coming...
as for the markets going forward...this is to me, what happened in 87...that event was a precursor to a serious recession, from 89 thru 92, i lived it, and it was NOT pretty...the FED in those days was not accomodative...
i think we will see a mild recession happen late this year into 2001...what with the rate hikes begining to take effect about that time, the FED will change their tune fast...i don't think AG can orchestrate a soft landing here...we could over shoot their goals....
companies and people will not forget the 87 time frame...that recession was awful for everyone..it hurt...but in that type of environment, neither bulls or bears do well....
so i feel what we are witnessing is more than any correction, it's the precursor to a recession, 1-2 years from here...if they continue to hike rates 1-2 more time, it will come sooner than later...
i am daytrading only, and maybe a 1-2 day swing trade...i have not purchased anything for the long term yet...
i'll look the extract a nice days pay, each and every day...and not worry about tommarrow...
a cycle low is going to happen today..let's see where it bottoms...
regards and say hi to the family...OJ |
