>>>I expect a bit of a pullback early next week; but not much.>>>
Agree fully...
>>>I see this as another strong bear market rally destined to again pick the pockets of those who believe this is the beginning of a sustained bull.>>>
I couldnt agree more...in time all of these gaps will end up getting filled I have no doubt in my mind but not until we see a strong continued advance. Many more companies will need to be cleansed from the system especially in technology before pricing power will return...another strong leg down next year should about do it IMO...Be nimble and tight stops as always...
The number of years I have been trading is measured in years not decades so I have never seen a bear market like this one ever. Pretcher is calling for DOW 1000. Not Dow 10k but dow 1k. First stop he says is DOW 4k in a few months. Then several years from now DOW 1K. This market get cut in half again I have no problem believing at all. Even without benifit of having seen a gnarly bear like this before it is easy to see that people are still in denial. A few months ago when I was in Silicon Valley almost everyone I meet that found out that I was a trader asked me if it was time yet to get back in the market. Many seemed to think that soon they could buy and hold again like through the ninetys and get rich. The one guy I know involved in running a mutual fund is in such massive denial he can't even seem to carry on a conversation about the market going lower next year.
Dow 4k I believe. DOW 1k?? I thought this guy is a bear gone psycho or he has a book to sell and is grandstanding. Then I looked at a long term chart of the dow from 1900 to now. It makes a little more sense to me after looking at the chart but I still find this very hard to imagine. Do you think there is any way we could see any thing lower than 4k on the DOW as a final bottom?
I suspect you are right. The markets will go up prior to the election and then dip down afterwards. There will be a resumption of the war talk probably in December and that will not help the economy at all. The Bush administration has an Iraq agenda and they have toned it down for the elections. Also, if the market is on the skids going into the elections the Republicans will get the boot. Remember..."its the economy stupid".
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