Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Scott Bergquist who wrote (1369)	12/13/2000 11:55:45 AM
From: tradermike_1999	Read Replies (1) of 74559

In spite of all the earnings warnings, the only fear in this Market, I repeat, is missing the next big rally. Despite all the "wipeout" stories, I still hear from people who bought "on the dip" and a still "un-burned" from this strategy. Tomorrow will reinforce the thinking. Today naz is down a lot and the VIX fear index is dropping showing that the weirdness is still in the air. In my opinion - market did a reversal day yesterday to mark a new downleg in the Naz. But think this will be minor. Don't see it falling but a few hundred points. People will think the "bottom" has held. Then by Friday or early next week bulls will start to buy so they can position themselves for the Fed meeting next week and fantasies that Al will cut interest rates. After the meeting we'll get another downleg - and that will be the danger point for another meltdown. The strength of the next rally will give us an important clue on if that will happen or not. For record all I have is a few short positions now.

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