Nasdaq chart sure looks like a third phase of the bear market finally under way - this last bit of gapping acceleration as it crashed through the '90s trendline... Tech bull definitively over, FINALLY - to me, it's almost a relief, not that I'm exactly looking forward to trading the bombed out, rubble-strewn landscape... Who knew that when they announced decimalization, they really meant decimation?
Interesting the way that this great extended catastrophe continually produces new volunteers, on MDD as in the real unreal financial world, ready to grab the tatteered and blood-stained New Economy flag, run out and charge the machine gun nests. Seems like our Zeev is the latest volunteer. Hope he's the one who finally breaches the bear trenches, comes back with a big shiny medal, a promotion, and two weeks r&r, but I'm happy to be back here in my foxhole, humming Lili Marlene...
I think there's a good argument that the post-1982 bull market in the Dow and S&P stocks has actually been over for some time - they long ago broke their uptrends and entered long, wide consolidations that may yet break down even further (if, say, the possible strike in Hollywood puts unbearable pressure on Brad and Jennifer), but even then would still seem unlikely to yield anything comparable to the drama queen Nasdaq's performance.
TraderAlan over on the Daytrading Fundamentals thread thinks there may be a silver lining for technical traders. As I understand his notion, once the public's washed out and gone on to other fads, we could be left with a much less volatile, lower volume completely institution-dominated market conceivably more susceptible to classic (daily/weekly/monthly) TA and swing trading methods, less subject to the second-by-second everyday intraday insanity. I dunno - may be wishful thinking, but it's a thought, anyway. |
