Dale, I don't disagree with you on that, I have been saying that for the last two and a half years (see-#reply-13483082 "Once the three forces cited above combine to break the bullish psychology of the market, then we could be ready for a bear market, and not a three months severe correction. These are some of the major reasons my long term outlook is a market locked in a trading range of 6000 to 13,500 on the Dow and possibly a range of 1900 to 5200 on the Naz. It will take a good many years (five to ten, maybe 16 like in the 1966 to 1982 period?) before the growth in earning finally catches up with current valuations.", and I keep readjusting the Naz projected lows, I readjusted to 1600 or so during the first rate cut in January 2001, and then in the summer of 2001 to 1400, more recently I was forced to further readjust my over optimistic views on that elusive bottom to around 1150 or so, and more adjustments may follow <g>). That long term view of a secular bear interrupted from time to time with violent bull moves has no changed. So far, since then we got four such violent counter trend moves, I know not how many more...
Zeev
Zeev |
