as you all, i am looking for a bottom

  1. 1,250 Posts.
    I couldn't agree more, we've had a 4 day rally where the mkt has been up over 4% on two days. What people dont realize is that market rallies like this are more common in bear markets than in bull markets. Investors are in love with the idea of DOW 12,000 when the reality is that we may never get to that point in the short time frame that everyone is epxecting. The way I see it is that the DOW hit a local minima on the 23rd; the lowest close in nearly 4 years. Market has support at that level and thus drove the market back up. I expect the market to bounce up and down within this 7500 - 8700 range for quite awhile before it settles down to 7500 or lower. Think of a "broadening top" formation. Where upon completion, the breakout will lead to a market bottom. In the next few days markets will swing (maybe up) but ultimately will close down. I'm calling a 30pt gain to a 70pt loss for 7/31. Mkt will go up and down between 7500 & 8700 until a breakt out lat august/september....

    I think gold stocks/futures would be a good buy. MDG/ABX strong performance today.

 
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