Tippet, I don't believe the bottom's gonna fall out. Too much money to keep the market propped up IMO. I see lots of opportunity in emerging countries also. Don't doubt further pullbacks, but by selling puts on stocks I like...say NVLS JUN 50's at 5, I either end up owning the stock at 45, bank the 5K, or get out somewhere in between most likely at a profit. Depending on how the market looks next week I may wait for a few earnings warnings yet. I certainly wouldn't mind getting 5 for 45's or 40's. I think the DOW could go back to the 8800 range, Nasdaq 2000-2100, especially as Dell comes down to some reasonable valuation. This notion that the market will crash big kahuna style has been discussed by many for the last several years...kinda like the day of the small cap is right around the corner. Never happens. I believe that economic growth, more and more folks putting their retirement money into stocks, and continued stabilization of Asia and Latin America will allow these markets, especially selected techs, to ultimately continue to power forward...at least into 2000. Technology will not stand still, ever, and the future will revolve largely around electronic technology. I'm not expecting too great of a correction in selected equips. They provide the foundation for technology advancement IMO.
I think Bernie Schaeffer is correct in his recent speculation the DOW will see 11,500 this year. Next year could be another can of worms. Gotta take it as it comes.
sf |
