This Is Not Fun

  • February 22, 2001
  • Gary Kaltbaum

Coming off my

trip to Vegas last weekend, I wanted to do a little comedy. After the

last few days in the market, no comedy is warranted. Maybe next time.

  • The Nasdaq is at its lowest close

    since March 1999.

  • The Nasdaq 100 at a two year low.
  • The S&P 500 at its lowest close

    since October 1999.

  • The Nikkei at a 28 month low.
  • All three major indexes below their

    200-day averages.

Yes, I know that A/D lines have done

better and the “value” area still looks fine. But this is not fun.

Vital support on both the Nasdaq and S&P 500 right here.

If bear markets have three legs down, this looks like the third. March to May was

number 1, September to December was number 2 and this feels like number three.

Let’s hope there will not be number 4.

You know the plan  I have been

saying it ad nauseum for months. It continues to be time to do nothing or

at best — very little.

The only good news is that as I write this, Steely Dan wins album of the year

and was the big winner at the Grammys tonight. Long overdue. What was that

standing ovation for Eminem for? Am I missing something?  Â