Hang In There
I don’t think
I need to use too many words to describe what is going on. This is
probably the worst action I have ever experienced. One has to go to longer-term
charts for support. All these levels happened in October 1998.Â
Here is the tale of the tape:
8000 is the next line of support I see for the Dow. I am amazed I can even
say that number.
The Nasdaq support stands at the 1357-1400 area.
The S&P 500 has support at around 925.
Have I excited you yet? Very simply, I believe it’s obvious that what’s going on
in the market is historic and needs to be respected. The market will remain
events-driven as well as news-driven. For the intermediate player, I think it
remains a vast wasteland. I can see no breakouts, no setups, no nothing.Â
Hang in there!
P.S. There are
only two more weeks until TradingMarkets2001. I
am looking forward to meeting you there and teaching you the six most important
ingredients for monstrous breakouts, both to the long and short sides.