Steve,
Your thoughts about a DOW 6500 may be more than just a wild assed guess. I saw Jerry Favors (the TA out of Columbus, Ohio) on TV today and according to him we are headed lower than that. I hope both of you are wrong. You said you were going outside and not watch your quotes or CNBC. But toward the end of the day everytime it looked like we were mounting a small rally the bears took it away. As you know they were taking out the high-flyers today. The fund managers are raising cash for the oncoming redemptions. Several traders say that the Russian crisis has already been discounted. But the world situation is getting worse, Japan and the Asia thing, along with South America. We're going much lower. In 1987 I lost half of my portfolio in one day. And I didn't feel much pain. After yesterday and today (along with the last month) the pain is setting in. It's like the frog in the water story. If you throw the frog in hot water he will jump out. But if you put him in tepid water and gradually turn up the heat you can boil him alive and he won't realize it. That is what's happening today, not only with WCII, but with most of the market. Hope I'm wrong, along with you and Favors who has been eerily correct in the past. I am a "lurker" on this thread, I know nothing about CLEC's, or Giga's, or rain-fade, RBOC's, etc. I enjoy your knowledge of WCII. I watch the charts and the price. Everything there is to know about the TA and fundamentals for the investors (or traders) are in today's closing price. I have been with WCII since the 7's and will continue to be more or less. Right now it's less.
FWIW |
