Bob Brinker admits QQQ trade was WRONG, Noone can be perfect and I still firmly believe that had we not had the GORE DILLEMA we would have rallied in early November to the 4200 range.
Brinker states enviroment is in EXTREMELY oversold condition and see's a CT rally into 3000 early spring and into the summer. This call has the conviction of his call last May. I firmly agree that fund managers did not calculate the severity of the current DOWN DRAFT.
If you take any basket of NASD stocks and look at their chart from 2/5 about the time CSCO had earnings, you will see noless then a 50-80% fall, or is it CRASH? This is a small time frame that has taken many stocks to fresh 52 week lows.
The fund managers NEED A RALLY to juice thier funds, and this will be part of the reason we find a bottom ABOVE 2050!!
Thats my call, and also I have noticed which groups fell on a % basis the most in the last 4 weeks, and I compared the groups performance over the last week where we had some support. The group which I am now predicting will bounce the most............is the STORAGE SPACE!!
I include in this area the likes of QLGC, MCDT, EMLX, BRCD, JNIC, and EMC. Although many expect the chips since they are firming this is true they are firming and probably will continue to go up, but the difference is the PEG going forward. The storage stocks are really priced for disaster and based on what MCDT ceo said taoday as well as BRCD'd late news of sales pick up over the last 2-3 weeks, we should see SIGNIFICANT UPSIDE in this group for the next 2-3 months. Even if any of them warn.
Good luck all and I do think the worst is still behind us!!
P.S. GETTING HOSED IN CORVIS!! but a return phone call from IR did confirm they are still not changing estimates and are still building on schedule the expansion at the office park. I suspect CORVIS is working on getting the news of 1 or the 2 new customers that are currently in field trials out sooner then they probably wanted to. IR did confirm 2 will be announced as expected within the first 1/2 of 2001, so instead of June/July they announce 1 of these NOW!! |
