06/23/2002 Archived Entry: "Market readings"

I've been looking at some charts this weekend. The 5 year NASDAQ is poised at the reversal point, and the astro-readers say that cycles show an impending reversal. However, with the falling dollar this past week, and the possible rolling over of the previous lows by the indexes, Merriman seems to hedge his bet, but just a bit. I'm inclined to agree, just because after 6 weeks in a row down, a Bear Rally is due. So I sense this week will be the bottom formation, either through a re-test of the Sept lows and making a double bottom from which to bounce; or a capitulation brought about from some external event, that makes for lower lows from oversold. Read the news, and they are looking for another down week. I am thinking cautious contrarian at this point, looking for the reversal point, but not looking to try and catch a falling knife.

Replies: 1 Comment

I have waited for a rally this long...I am willing to wait till November...or for that matter the market to be below 9000 in October, if the people would vote out Tom DeLay and the other jokers who are currently leaders in the US Congress!

Posted by G.C. Raj @ 06/23/2002 05:48 PM PST