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Well! the Christmas Spirit is among us at last. Those who can only
trade the upside of markets may have something to look forward to and
the bears are reveling in profits. We are currently reaching market
levels that were targets given months ago. Nasdaq at 2200+/- and the
Dow remains above the the 9600 bottom called earlier and hit. The
question now is what happens when these levels are reached, the bottom
of the trading range in the Dow at 10100+/-, and the projected low in
the Nasdaq. Do we get a violent Christmas rally for a couple of days?
Does fear overcome greed and those speculators who loved the 90s look
elsewhere to place their funds? Is the tax selling over? Will fund
redemptions afford greater pressure on the markets? Will the influx of
401K and other retirement funds give us the ever famous January effect?
Will those giant brokerage firms start laying off people and cutting
bonuses? Just look at the charts, the complete story will unfold
there. Have a Merry Christmas and a Happy New Year. Ira.
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