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Strategies & Market Trends : Sharck Soup
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To: Sharck who started this subject4/5/2001 2:29:02 AM
From: Dave Gore  Read Replies (1) of 37746
 
WHY A RELIEF RALLY MAY BE IMMINENT

CNBC and several other boards and websites today are talking about the ARMS index which is at a level that has resulted in a rally in 12 of the last 12 times.

Also selling to pay Uncle Sam is nearing a close.

Also the VIX is near 40 and stocks are beaten to a bloody pulp. I would be careful shorting here personally. The best strategy now seems to be to wait for a relief rally and then perhaps reshort when the odds are back in one's favor.

Even some tech stocks have reasonable forward PE's even if the companies miss consensus by 20% or more. EMLX and GLW have PE's near 15, for instance in temporarily stalled but high growth niches. AMCC, warnings and all, might be another to watch along with dozens of others. The market is oversold, but we still need buyers to step up.

Let's see if the futures being way up tonight carries over to Thursday's open.
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