Sand Spring Advisors LLC
NASDAQ 100 To Bottom Near 970
June 25, 2002
by, Barclay T. Leib
We will be travelling on business over the next number of days. When we return on July 3rd, a subscriber-only missive will then be due and forthcoming. Please thus excuse us if Sandspring.com public website takes a brief reprieve from active commentary. As time allows, and the spirit moves us, we will try to post updates, but please don't expect such.
During our absence, we fully expect a tradeable equity market low to form. Our clearest Fibonacci target is now just under 970 on the NASDAQ 100. While an intraday spike might take this index as low as 930, we think 970 on a closing basis should just about do it -- for now. From Tuesday's 1027 close, this means that the worst of the recent equity Armageddon should subside within another 5-9%.
Book out your shorts, and get ready to buy.
One of the first stocks that we may actively propose picking up is the fairly bombed out Liberty Media near $9.30. We think its Fibonacci rhythm already looks quite complete, and a bottom ever so near.
Non-subscribers are invited to sign up for our premium level of service below, and gain immediate access to this commentary entitled "The Coincidence of Time," as well as our May subscriber-only write-up "The Search for Survivable Themes."
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