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Trouble is , Everybody speaks of bullishness, but ALL comments I read
ANYWHERE were all fearful, mine included. Everybody speaks of bullishness, in
the press and TV in particular, and yet all are afraid of a larger
correction. Does that mean the real consensus is that a correction is near,
meaning it isn't? Tell me:
- Who amongst yourselves is buying stocks now???
- Who is not because it is too high, and you are afraid???
- Who is waiting to buy on a correction???
I was about to sell some of my net stocks yesterday when some blasted through
upper resistance lines. Blow Off or beginning of new bull? Since I am very
afraid, I tend to think this is a bull. In the 80s before the crash, people
were not afraid. They were making fun of you if you bought 100 shares where
you could load up 1000.
They say, let your profits run. I think now it can be much harder to do that
than to cut losses short. In fact it is like racing fullspeed ahead
blindfolded and trusting your triggers.
So what's my road map now?
- I assume we are going up without correction till the first week of Jan or
so, and a large correction hits us out of the blue for NO OBVIOUS REASON and
by SURPRISE, just as everybody is getting resignated prices always keep
rising and there is no correction coming. How about that?
confused Gwenn
Jpilleafe@xxxxxxx wrote:
> In a message dated 12/22/99 2:01:26 PM Pacific Standard Time,
> hehohop@xxxxxxxxxxx writes:
>
> << I beleive that the high level of bullishness, discounting of the y2k
> non-event, and the January Effect migration to Nov/Dec is a setup for a
> down January in the stock markets.
> >>
> All good points,...consider too the likelihood of
> tax selling in NASDAQ issues being deferred into
> next year,...can postpone a tax bill for another
> year if sale is delayed into year 2000,...etc.
> Players with huge gains want to defer those
> gains into next year's tax bill. Question is will
> tax selling to lock in gains more than offset
> sidelines cash looking to re-enter the market
> assuming Y2K is a non-event. My guess is yes,
> ..as the gains in Nasdaq are so huge,...the
> sentiment so complacent,..and at some point
> the pressure from rising interest rates likely to
> become real,...that it is difficult to see how a
> new uptrend could develop from these levels.
>
> The most constructive thing in my mind that
> could happen at some point in time in the First
> Quarter of 2000 we get very washed out,.....
> then the possibility for a sustained advance
> would be much greater.
>
> Regards,....JIM Pilliod jpilleafe@xxxxxxx
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