Trading Range?
When I wrote the Mid 2003 post, that this post is in response to, some two weeks ago, I was comfortable calling for a summer trading range and a low test in the fall. In many ways, that's still my preferred scenario. Unfortunately, it seems to be preferred by many others also. An almost identical scenario was presented by Bollinger on CNBC. This past weekend, I watched Rukeyser. Now everyone knows to be bullish on Rukeyser’s show (or you’re gone like Gail Dudack). But when you listened to the specific predictions, each of ole Lou’s four guests, was predicting a trading range. In the past two weeks, I’ve lost count of how many have predicted a high on the Dow of just below 10,000, and, depending on the bullishness of the prognosticator, a low between the high 7000s and high 8000s.
When the market gets too much agreement, it’s time to shake it up a bit. So far, I’m still in the Range camp. Just expecting both high and low tests of the range to be more “sever”. Need to shake off a few riders.
JMO
lurqer |
