Quote:
Originally posted by wig@Oct 4 2003, 04:09 AM
Here's my opinion for what it is worth.
The market has gained much since the lows in Oct of 02 and Mar of 03 as projected.
I am short from the current level and have been since I said a high was likely a few weeks ago.
I still expect a quick 2-4 week correction in October.
I had originally thought that Oct may hold a cycle high, but market action is suggesting otherwise (unless new highs are seen).
If we do break in October, we should put in a low that will lead to another rally. This will have changed my longer term outlook slightly.
I have 10,500 on the DJIA as a potential target.
The time to buy will be if the market breaks into months end. 8800-9000 and 950-960 are initial support levels to watch for.
The market is still vulnerable to a drop below 7000/DJIA and I fully expect this going into 2005 (maybe by end of 2004).
The ultimate low for eqities is not in yet IMO.
PS- be careful of correlating economy with financial markets!
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I hope your wrong...
Nasdaq---3000 by december 2004
Shit can't stay down for ever.
Even played who bet don't pass in a craps game eventually LOSE.
h