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From: Rarebird	11/3/2005 12:13:43 PM
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Market Musings: The October correction was quite healthy. The S@P 500 successfully backtested the area which gave it such stiff resistance throughout much of 2004. I've been quite bullish in regard to these markets, especially hi-tech. I've been saying for a while that as the real estate bubble deflates, some of this hot money will find its way back into the US equity market. And if the Bush Administration has its way in regard to tax reform, it will now clearly benefit US taxpayers to invest in stocks rather than homes. The Nasdaq is almost 3000 points below its all time high. Yet many investors refuse to forgive or forget. The ex-tech bulls look at the Nasdaq as if it was a wild love affair that went permanently sour. But there is some value there today. I said a couple of weeks ago that "as more positive economic data comes in, as more refineries come back online, these markets are going to rocket to the upside". Message 21792705 Again, I'd just look carefully at market action if and when the S@P 500 gets to the 1252-1254 level (which is likely) and the Nasdaq 100 at 1632-1636. A decisive breakout from these levels would turn me wildly bullish.

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