Here's a very gutsy call by GEM-X posted on the SA II thread
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:Chris who started this subject
From: gem-x
Tuesday, Aug 28, 2001 6:31 PM
View Replies (1) | Respond to of 17033
We've clearly entered the last wave in the bear market. If the NASDAQ breaks 1855-1860, than this wave down, I'm approximating to
stop at 1750-1760, will be the best buying opportunity before the big rally that could last for 6-8 months. There's too many companies
these days reaffirming guidance, raising guidance, or giving positive outlooks. If you're a bitter old man who became a member of the
flock of bitter old men short crowd because CSCO destroyed your account, step back and look at what's going on. The selling is
irrational, as was the buying was irrational in March of 2000. The behind the scenes big men are dragging more shorts in to this market,
CNBC as ADVERTISING you to be short, and have stories and planning ideas on shorting, and this is THE last wave down. I'm
planning on re-entering the buy and hold strategy in the NASDAQ 1750-1850 range, because the 12 month wave up, which usually
retraces .618 on the first wave (NASDAQ 3782) is my focus, other than giving in to the irrational, emotional majority who are bearish. I
strongly caution going short in the 1750-1850 range...look at all the "dead money" stocks getting covered the past few days, RMBS, LU,
GTW, CSCO, etc etc etc..the smart money is covering early, and the dumb money will keep posting all their nuclear holucaust end of the
world crap until every penny of their profits evaporate.
Don't join the sheep, and look all around you. This is irrational.
Using Elliott Wave, this is THE LAST wave down. If the NASDAQ breaks 1855-1862 tomorrow, than this will be wave 5 of wave 5
down to 1750-1760 (1707 max), which means, forget about short term trading, but look for the 6-8 month rally that will carry the
NASDAQ back to the 3700-3800 level (.618 retrace of 5120 to 1619).
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I figure with my bearish comments today it is only fair that I post a bullish perspective of the current market.
Let's hope that if indeed 1750 is achieved, that it is the bottom of this corrective movement off the 5/22 high and that we will all see it and join in the fun to the upside.
However, if it is not the bottom, let's hope we will also see that when the time comes and be able to play it accordingly.
Of course, there are other E-Wavers not so bullish but they could also be wrong...they can't all be right if they're not saying the same thing.....
Personally, I'd love to see something in the way of a TA analysis tool with such predictive power when properly used...not that I would know what is proper use anyway...ggg
Best of luck to all tomorrow, should be fun no matter what. As much drama in the charts as any soap opera, IMO..
LOL |
