zeev
I think the near term correction will be short. IMO, The enterprise software sector is breaking out, while the networking sector is stretched. I don't follow closely the chip sector. let's not forget that the enterprise software sector has seriously underperformed the other sectors last year
The charts of many of my favorite companies look pretty bullish to me: large consolidation base over the last year and now increasing volume on the upside.
I do think we need a healthy correction here, but i would be surprised if we fall below 2000. I would not be suprised to see 2200-2300 before we see a more pronounced correction.
As you know i don't like yesterday's leaders: IBM's and MSFT's chart have many warning signals. Cisco is overly stretched in valuation terms and i have no real opinion on Intel.
So, in my view, the incumbents will cause a correction, but i don't expect a sharp fall in some of the smaller more interesting companies I follow
alexander
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