Short and intermediate-term trading:
Zeev sez: Message 16455841
Message 16452837
I'm not really a daytrader, more of a week-trader or month-trader. His bearish calls are intraday calls, but he sees the Nas "climb into late November to above 1700". My call was a 50% rally (Nas 1387 to 2080, SOX 344 to 516), sometime between now and June 2002. If we hit Nas 2000 and stall, I'd consider that an intermediate top, and be selling heavily into it.
With that said, today was not very reassuring. We got into the 9/10-9/17 gap-down area, and backed off. Close today very close to the April low. This may be a resistance area, and it may take a while to get through it. We may back off and retest the September lows. We may set new lows. I don't know.
What I think I do know is that, by June 2002, the huge government fiscal stimulus (which seems to get 10s of billions bigger every week), and the unprecedented Fed easing, is going to be causing signs of a near-future economic recovery, which will have caused a strong rebound in stocks. |
