Tuesday, August 10, 2004
Aah, I guess I suck
Well, well, well. Since my last post, nasdaq is down by another 100 points. Looks like i am wrong, and resoundingly wrong.
Looks like there are 2 factors driving the market down
a) Oil prices
b) Worries about economic strength.
What's weird is the price of oil being soo high. If the economy is slowing down, demand for oil should slow down, consequently prices should stabilize. Unfortunately, it might take a while for those forces to coagulate.
At this point it looks highly unlikely that nasdaq will be above 1850 by end of august. We'd be lucky if it is at that even.
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