10/10/02
Arnold's Ramblings
Thursday, 10/10/02

Hi,

Dow 7200 and change; NASDAQ 1100, the S&P 500 broke through its support of 778 last night. This morning will probably open badly, then somewhere between 6750 and 7000 I suspect the market will bottom for now, yet there is still risk that we can go straight down to 6000. Then we'll get a 10% to 15% bounce, and then back down. The Dow low will be below 6000, the NASDAQ low below 1000.

I have been repeatedly accused of being "doom & gloom." Well, here is great news: After the Dow and NASDAQ bottom next year, the NASDAQ will probably rise between 80 - 100% from the bottom during 2003, and higher still into 2004.

But I digress! Every day there are annoucements of major job layoffs, mortgage delinquencies are at a twenty year high, consumer debt exceeds 100% of disposable income, and on and on - this ain't good!

Please, please - start buying gold stocks. Gold (the metal) is up from 280 to 320+. The high for gold was about 325 - 327, so we're really close to the highs and when gold breaks the highs and goes to 340 and then 360 - 375, the stocks should soar.

Arnold

Copyright 2002, Arnold's Ramblings Inc. all rights reserved.
- posted by Arnold @ Thursday, October 10, 2002