LG, bubble gone?
stockcharts.com[m,a]daclyimy[df][pb50!b200!a7][vc60][iUb14!La12,26,9]
i got one of those 12 page mailer's a couple of weeks agos, like stephen leeb or mike murphy put out, it was about how the nasdaq crash was just getting started -g- and how to make big profits on the short side, reminds me of several of those i got in the 1q of 2000 to buy tech stocks -g-
i think the bottom we made a week or so ago will be a lasting bottom for a move to test the may highs, and if my wave count is correct, we should have a decent pullback that should be a buying opportunity.
there are some elements missing in the sentiment picture, the public is not alarmed, showing up in high vix #'s and lack of press coverage, like they were at the december and april bottoms, but we may be in a situation where we are making a bottom where all the bulls have given up and they are not following the market anymore -g-, trader sentiment exhibited by rydex and p/c ratios has gotten near and (somewhat) near the april lows.
there has been a huge amount of bad news lately that has failed to move the market down. |
