yes, they could sluff off leaders like aol and amazon going down, but msft is much harder to sluff off, i believe the bull psychology has been severly damaged, i can tell from the various bull hedge fund managers, who are all now looking to buy defensive stocks, not just soros.
now people may think i'm jumping all over going bearish and this is a buying opp, the bears are jumping, but when i see my wave counts line up, and the rallies failing, especially the rally on the oex that turned the failed breakout top in late march into now resistance, plus ge making five waves up from february, plus nokia, wireless leader rallying into the top trendline of a broadening top.
well what can i say, the nasdaq is going to be re-valued back to historic norms and it's traditional bull market channel, that ain't the end of the world, just your regular markdown of overpriced merchandise.
i think we fill the weekly gap on the nasdaq that happened in late november 98.
b |
