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Web of Finance
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| Mar 09, 2004 1:07 am |
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Reply to Rakesh - Market Direction |
Melanie Hollands
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Rakesh,
Your interpretation of my market note below is not correct.
My note refers to the process of correction that began in mit-to-late January, 2004: 1) on January 13 for the SOX (January 13 being the date that Index peaked), and 2) on Janaury 26 for the Dow, S&P 500 and NASDAQ (January 26 being the date those Indexes peaked).
I don't belive that tech is "about to tank" and did not write that.
However, I did write that I believe this correction is not over.
I belive that the correction will continue with the market moving sidewaye with a downward bias for another month or more (possibly, stress POSSIBLY, as long as anotehr four months but there are a number of factors that could influence how much longer the market corrects.) I will take it as it comes; but for now I don't believe that the correction, which has been underway for 6 weeks or more now, is over. That said, today was a weak day across the board and if this continues, and we get sufficiently oversold, then we should bounce a bit at some point.
I hope this clarifies my views.
Cheers
Melanie
Private Reply to Melanie Hollands (new win) |
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