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Strategies & Market Trends : Making Money is Main Objective -- Ignore unavailable to you. Want to Upgrade?

To: lightwave51 who wrote (1861)	2/20/2002 1:31:35 PM
From: lightwave51	Read Replies (1) \| Respond to of 2155

TECHNICAL EXCELLENCE Bye-bye Market, Bye-bye Elves Wednesday, February 20, 2002 Fred Goodman Fred thinks it could get nastier here -- and notes that the "elves" of Wall Street Week seem to have capitulated right off the air. Of the three falling markets, only the NASDAQ fell on increasing volume. We could be in store for a very nasty decline on increasing volume. As the market declines there is more and more discussion about "capitulation," the mass exodus at the end of a decline. There has been entirely too much optimism displayed by the public, but especially by the professional "gurus," like Abbey Joseph Cohen and others who frequent Wall Street Week on PBS. I noticed the other night that the "Elves" have been eliminated from the show. I guess the heat got too high since they have been bullish for two years without exception, something like 10 bulls to 2 neutral and none bearish. Oh well, they won't be missed. The only way out of the current decline is for there to be a little rally on lower volume followed by a bigger rally on higher volume. I really don't look for it to start today, or even, for that matter, this week. In any case, when it comes, we'll be ready for a dip into the ETF's, probably SPY and DIA, only a slight possibility of the QQQ's. It's far too soon on my calendar for long term commitments to mutual funds. The ETFs permit one to get in and out with the least cost and the most speed. Just right for now. trendmacro.com