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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Terry Whitman who wrote (3284)	2/21/2001 9:23:59 AM
From: John Pitera	Read Replies (3) \| Respond to of 33421

1233- I didn't realize the recent low was that close to the 1999 low. yes I know it's interesting. the 1998 lows are possible but I think that would be more of a 2002 development, and it's not mandated that we go back to the 1998 lows in the SPX. (from my elliott perspective.) I would think that we make a low in the NASD and the SPX in early March and then have a rally into the summer. 2199 is the interesting number on the NASD, from my vantage point. I wrote that up in Dec on this thread. here is my Dec 20th post Message 15061994 geocities was down when I hit the url for it's link, so this url should show the NASD set up. piteraperspectives.com Gold has had the lowest percentage of bulls (13%) on marketvane last week, this matches the low in bullish sentiment that we reached in sept 1999 right before that explosive 25% + rally. The commercials are also heavily long so we really should rally. The Barron's article that I posted here on Gold was also incredibly bearish, so I would also think we rallied. Prechter sent out a free report this weekend talking about Gold and that's been his best market the last 20 years. he points out this evidence and that we could still go to 200 with this bullish technical picture, much in the same fashion that the Nasd bubble, kept going up when all the evidence said it should not. the USD and it's relative strength @ 113 (especially the fact that it's not already down to 105 or lower on the USD Index) has to figure into the gold calculus.