I have it at 1360-1370 in the next day or two, followed by a nice, mostly one day short covering rally. But I think we're gonna eventually settle to someplace between 1273 and 1314.
And I see no positives compelling us towards the next serious rally phase until earnings runs kick in sometime between 12/18 and Christmas.
looks like i get my scenario today courtesy of unemployment report. all targets below should be met today. I will go long in those areas for a few days trade. steve
Posted by: was Jeff now Steve In reply to: wahz who wrote msg# 52396 Date:12/5/2002 5:02:08 PM Post #of 52545
going into today i felt we would selloff the mornings nas gap and approach 1400. we didnt get there but came close. To me it feels like we need to take 1400 out on our way to a date with 1375 before any bounce can occur. I am not of the belief that we set a higher high in nas in dec or jan or etc. 890 spx, 1375 nas and 1020 ndx should provide a bounce point if we do go down tomorrow. IMHO todays failure to rally is a sign of major weakness. I have some indicators that say we should go up as well, but am having a tough time believing them today.
disclosure: short fund closed last night. Holding spx puts from 935 spx and the rest is cash.
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