Jim, If you followed my postings on various threads, you will see that I am not particularly bearish, until we are through with seasonal strength (due to guys like you with 401-k) by mid January. My bearishness is for the period starting around mid Jan to Mid Feb, and possibly later, if we indeed get within "shouting distance".
In Sep. I reiterated a rally in the semi (and I did very well so far with choice, CYRX) and a market target of 6500, which was reached much faster than I expected. The recent indigestion actually will lengthen the time horizons, and as I have posted, we have a good chance to go to within shouting distance of 7000. This will be another nice leg. My problem is the techs (particularly equipment makers, some of which believe their own nadir will be over by the June quarter), they are getting over extended, and while I am not pulling the plug yet, it is becoming close.
Zeev |
