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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: mishedlo who wrote (93293)7/10/2002 6:40:25 PM
From: t2  Read Replies (2) of 99280
 
My guess is foreign money is leaving and there is nothing out there to prop this sucker up.

That is what makes this different from last September, imho. The VIX is getting pretty high but foreign selling is going to kick those that have been bottom picking here.

Just look at the SnP500 today...the weakest of the group and this is where foreign investors would be putting their cash....of course no cash levels at index funds can't be helping.

Last September, the dollar spiked down but bounced. This time around dollar has been steadily dropping. It is sure to go lower and that will keep those that sold US stocks early from buying. Too much currency risk.

Last September, we had retail investors getting back into stocks. This time, I don't believe they are at all interested. So nothing to stop the drop until it gets worse.

So I am just waiting for those that are picking the bottom to throw in the towel....and they will.

Again, even though Vix is high, there are just way too many differences from September 2001 this time around. I am looking to close shorts soon but not ready to play the bounce. Will evaluate the long possibility tomorrow or Friday (for nothing but a small bounce from a lower level on the Naz).

jmho

btw--anyone notice astrologer Arch Crawford's prediction for this week playing out. He was saying that if there is a time to listen to the "doom and gloomers", this was it.
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