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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: orkrious who wrote (264427)10/23/2003 2:35:19 PM
From: ild  Read Replies (3) of 436258
 
Date: Thu Oct 23 2003 14:05
trotsky (stock market) ID#377387:
Copyright © 2002 trotsky/Kitco Inc. All rights reserved
it's going to keep going until the shorts capitulate...i had thought this would have happened by now, but it hasn't. funny enough, there are a lot of fundamental reasons that would dictate that the rally should end, or should have ended already. if not for the fact that everybody and his auntie seems to KNOW this. i guess i'll have to wait for USA Today to recant its recent warning to prospective stock market investors and declare the market 'safe' once again.
Nasdaq 2,200 seems a more than reasonable target now, and that implies a 5 figure Dow is practically unavoidable...and that in turn means that from a choice of HUI targets between 230 - 270 we can probably expect the higher end of the range to be reached.
why is the bearishness so pervasive? i have no idea....all the other cyclical rallies have produced a surfeit of bullish sentiment in a relatively short time ( a few months at most ) - the current rally is over a year old, has gone further than its predecessors, and has yet to create bullish unanimity.
Prechter couldn't be more wrong - once again. he'll probably be right in the long term, but right now, he's busy losing his credibility again. i mention him because he's saying the exact opposite thing: he believes bullishness is all-pervasive. however, if that is true, why have short positions grown so large? over 300 million QQQs sold short? that's a record.
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