July 15 Go To Page 2 Nasdaq Composite closed at 1382.62 on July 15.
Nasdaq has risen 8.19 (0.6%) since the July 11 page. CNN showed a list today of year-end target prices for the Dow Jones Industrials, with Goldman Sachs Abby Joseph Cohen third highest with a prediction of 11,300, right behind Lehman Brothers Tom Galvin at 11,400. Lehman Strategist Jeff Applegate led prognosticators with 12,000 target Dow. Two things to note, first, these three have been completely wrong for years, and second, predicting Dow a year out is a waste of time, since wars and scandals cannot be forecasted. In addition, Goldman Sachs technology analyst Laura Conigliaro downgraded most tech stocks like Sun since May 2001, while Lehman Bros. computer analyst Dan Niles has badmouthed Intel since it broke 40 going down in late 2000 (when the clown had a target price of $87.50). Why 2-sided message from Wall Street? Either million dollar strategists do not know what their own analysts are saying, or they are intentionally misleading the small public investor. Bet on the latter. In America, you do not get to be CEO or Vice President of a stock brokerage (or any corporation) by being "Mr. Nice Guy." Cable TV media, NYSE floor traders are still wondering what went on Monday, as the Dow Jones plummeted over 430 points in reaction to President Bush's speech in Alabama, which showed how ineffective a leader he is. The U.S. dollar value plunged on that speech, and for the first time in years, the Euro is worth more that the Buck. It costs 15% more to vacation in Europe this year than last, for Iverson's lawyer vacationing in Europe. The entire 400-point drop was recovered in one hour at the close for the reasons I stated in my July 11 page, the institutions who sold options and futures while selling Dow Jones big-caps short, were buying back their positions to capture expiring July premiums. Options for July expire Friday July 19. This manipulation happens every month, and has made Billionaires out of ordinary traders. The greatest brainchild was the "Index Fund" which is mandated to be 100% invested in stocks of Indices it tracks. With about $4 billion flowing out of equity mutual funds (AMG Data) every week, these mutual funds have to sell to meet redemptions from individual investor shareholders. This is causing a meltdown like the "Crash of 1987" and Monday was just a PREVIEW. Get ready. Email me for OPTIONS to play both sides of the coin. The US dollar is now plunging, Morgan Stanley tells you to invest in China instead of US, Merrill Lynch steers you to Asia predicting mediocre returns in US, even MSN's home page has a story today on how to sell your stuff in China. None of this helps the 100,000 New York City workers whose unemployment runs out next week. Thanks, Morgan, for all those jobs you are creating in Communist China, not NYC, "one client at a time."
How to Use Site. Scandals Andersen, KPMG Top Nasdaq Big-Caps
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