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Nov. 29 Hotline
(Nov.
28, 1999)WSW
Hotline - 11/29/1999 By Courtney
Smith The
market has continued to bull to new highs, led by the tech-heavy NASDAQ, just
as I predicted. It's now time for a slight correction. The poor action in the
broad market, the Dow Transports, the Dow Utilities, and the poor breadth all
argue for a slight correction but not a bear market. The underlying fundamentals
remain somewhat bullish and the seasonals are very strong so I do not look for
a significant correction until toward the end of the first quarter 2000. At that
time I look for the market to begin to be concerned about the poor earnings prospects
for the coming year added to concerns about the strong economy causing the Fed
to tighten. This should lead to a normal 10% correction. In the meantime, there
is little bad news on the horizon and we should expect to see the market move
higher by about 5-10% over the next several months. I look for tech stocks to
continue to be at the forefront of the rally simply because that is where the
earnings are. | |
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