RtS, As usual, thanks for all the data you post on a regular interval. It's a great summary and furthermore leaves a history trail for future reference as necessary.
From your previous post - that was a great article summarizing several peoples views of where the market is at presently. I think the comment I agree with the most is:
"You either have to feel that we're at the end of a bear market, or this is the beginning of the third leg down, and this is when we really go into the abyss," said David Briggs, head equity trader with Federated Investors in Pittsburgh.
I don't think I would go so far as to say we are going into the "abyss", that is a pretty strong word for me, but I am in the camp of thinking there is more on the downside during the next week or two.
From late August 1998, when the Nasdaq peaked at 2028 until it bottomed at 1357 12 weeks later in early October, a loss of 33 percent, there were 3 downward "waves". The negative "vibes" were like a drumbeat. It didn't seem like a bottom was going to be found anywhere, but then it did, on 8 October. I think we are going to find that same bottom, but it is a week or 2 away.
The SOX touched 404 on Friday. I think the SOX will go back into the high 300's, but not reach the low of 344 set on 3 October.
As always, next week should be "interesting".
Don |
