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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Zeev Hed who wrote (13976)12/17/2001 6:07:38 PM
From: DlphcOracl  Read Replies (2) of 99280
 
Zeev: No offense intended, but the turnips have been stale since the beginning of November. I am not saying that the Nasdaq is going to grow straight up into the sky -- as in any early bull market, it will have "fits and starts". However, your posts since early November have consistently talked about "retesting" the 1400-1700 range, with the 1400 range discussed early in November, and then increasing up to 1600-1700 as the strength of this market has manifest itself.

Here are the facts:

1. The S&P 600 Small Cap Index ($SML) and S&P 500/Barra Growth Index ($SGX) have BOTH crossed their 200-dma over the past week.

2. The Relative Strength line comparing S&P growth stocks to S&P value stocks has risen continuously since 9/11, and continues to accelerate.

3. The Biotech Index ($BTX) bounced off of its 50-dma today and remains above its 200-dma.

4. The Retail Index ($RLX) bounced off of its 200-dma today.

5. The Nasdaq 100 and SOX indices both climbed over their 200-dma today.

6. Bonds were again sold heavily, reflecting (IMO) more money coming off of the sidelines into the stock market.

Your current call of the Nasdaq sliding down to the 1650-1750 range by the end of the year simply flies in the face of the above facts, which indicate that this is NOT a tech bubble, but a strong, broad-based rally. Those investors waiting for the Nasdaq to drop down to the 1700 range will see the Nasdaq work its way up to the 2200-2300 level while they are waiting. THAT will be the time to wait for a sharper Nasdaq decline, not now and not over the next 3-4 weeks.

Just my opinion.

DlphcOracl
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