Patzack: Quite a few. Although the Q stocks and about a dozen other mo-mo plays get most of the ink on this thread, they make up a tiny fraction of all the stocks in the Nasdaq. I believe that: the ability to quickly move above the 200-dma for a second time, the persistent bearishness, the large amount of sideline money that will slowly but steadily creep back into the market, the high short interest on the Nasdaq, and a genuine improvement in the economy next year (as yet unrecognized and underestimated by most investors (IMO), will keep the Nasdaq afloat over the next year.
As in ANY year or market, there will be a 20-30% Nasdaq correction at some point. However, I would be quite surprised if we retest the 9/21 lows next year. Of course, if technical indicators suggest otherwise, I will gladly move back to the sidelines. I am not fond of stepping in front of moving trains. However, the main point I am trying to get others to consider is that if respected economists such as Ed Hyman, Nancy Lazar, David Orr are correct, we
need to change from a bearish bias to a bullish bias.
This is not as easy or trivial as it sounds. This probably explains why there are very few traders who prosper in BOTH bear and bull markets. |
