Hi Stan, Jeff, and others--
I think that rsys showed great support at 45. Wish I would 've jumped on it 1st thing--but, as most small timers, I hesitated and missed it. Hard to say what will happen. Seems like (this is a "just for fun" prediction) Greenspan will ease up on the comments of last night, and the market will rebound even more right after, but will dump again at end of day, cuz its Friday, and many will want to get out and hang loose till Monday. After all, most of us have been anticipating a correction, and this isn't that bad so far, considering the gains over the last 3 months.
Caution--there are always lots of buying in after a huge dump,especially by day traders and speculators who will sell as soon as they catch a point or two. Then often things continue to drift down after a "dead cat" bounce, and the dust settles. The good companies will still pay off in the med to long term, but short term may be tricky over the next few weeks. I think that we need even more of an overall correction so that things can fly right before anticipated great earnings reports.
If prices are overbought, then even great earnings reports won't spur a good run, cuz there is "no where left to go". Also, many short sellers may be coming in right now, but they will be squeezed out when the buying resumes. Just some thoughts--GOOD LUCK! marie. (I expect the overall bull market to continue through the new millenium, with lots of volatility--just from a mass psychology viewpoint). |
