Looks like it may be some kind of record day on Wall Street. In this kind of atmosphere I wouldn't want to be short anything. Even the lamest most crippled stock might go up here, and the yhoo's, aol's,ctrx's and dell's, etc should truly fly here. Though I noticed there isn't anymore talk about those kinds of stocks so maybe some of the more thickheaded types have finally learned not to short the stocks that are in the process of tripling. I personally see yhoo going to 300-500 in the immediate future, for example.
Because the market has been so totally focused upward, I do see a more than usual correction happening. However those of you who think we will ever challenge 8000 are living in a fantasy world. We will either hit or come very close to 10000 this year and by 2001 I think 13,000-14,000 is a very sure thing. Remember guys, to a large extent, demography is destiny. And demography says that the market will suffer a real bear market downer when the boomers start retiring in about 10 years from now. But until then, unless the Dumbocrats get in office everywhere again, we probably won't see more than 5% corrections, with maybe 1 or 2 10% corrections like this past October.
Incidentally if anyone has a short that goes down even on weeks like this one, I would like to know about it. That truly is a dead dog.
Good luck, and hold on tight. Houston, we have ignition... |
