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Pastimes : QQQ & DIA - chat & chart
QQQ 632.08+0.5%Nov 3 4:00 PM EST
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To: Jon Khymn who wrote (681)8/27/2003 11:01:34 PM
From: Chris McConnel   of 795
 
I continue to see signs that we are or close to a top. But we may need a final blowoff, too get rid of the last of the remaining bear hedge funds. I'm seeing some signs of bear capitulation, but we may need to see more of that before the top is put in.

When it comes to the QQQ, the big question is what is going on with the Semis. Especially with Intel upgrading it's guidance on Friday. But even if the cycle has bottom for chips, and recovery is coming, the question is how much is that already priced into the semi stocks.

We had an outside day on the S&P on Friday:

moneycentral.msn.com

So that may indicate a top on the S&P.

But i'm a worried bear (besides being a beaten up bear). The 3rd quarter GDP could be blow out at 5%.

"ISI Group, the economics research outfit run by Ed Hyman and Nancy Lazar in New York, has been musing about the possibility of 5% GDP growth in the third quarter -- which would be a real mind-blower to a lot of bears. On the other hand, ISI and many others are wondering what happens when consumers run out of re-fi and tax rebate money in the fourth quarter -- and they are particularly concerned that the nation’s banks are making far fewer commercial and industrial loans than you’d expect from a reviving economy."

moneycentral.msn.com
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