All, any opinions on the following from another thread.
I just bought QQQ stock today at $28 and I’m concerned this this person's insight.
From another thread,
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I bought QQQ puts today, March 25 2002 if remember correctly.
I expect Nasdaq to go under 1000, which would take the QQQ to 20.
Note that 2 companies in the Naz 100 (also the QQQ), Exodus & Excite at Home, are now in Bankruptcy.
In my opinion, the thing that is holding the Nasdaq 100 up are the large short positions, and the hope that business will return strongly in Q1 2002.
I expect it will hold up for another 2 weeks or so, and then begin a slide down to the 1000 level and possibly below.
There are way TOO MANY people short for the short term, but the valuations are FAR TOO HIGH for long term.
Eventually, the long term will win.
Especially once business picks up, and we see that we have 1995 level of sales and profits, and these will not be heading back to the 1998-2000 boom years of high prices and high profits. |
