The monthly S&P500 Emini futures candlestick chart has not had a pullback in 14 months. This has...
Bernie's Best Bets
11/01/2002 12:00 am EST
Traders and investors alike have come to eagerly anticipate the top stock picks issued by Bernie Schaeffer at a special panel during each Money Show. He began this practice in November 2001 in Las Vegas and his picks from that show are up 9.4% versus a 3.3% decline in the S&P 500. The five stocks chosen at The Florida Money Show in February 2002 now show an average gain of 16.6%, versus a 1.2% decline in the S&P. Here are his new picks from The New York Money Show.
“Why don’t I believe that October 10, 2002 marked ‘the bottom?’ For reasons very similar to why I disbelieved the bottom in September 2001 and July 2002. Way too much hope, way too high earnings and growth estimates, way too many risks to the economy, combined with way too ugly technicals. Might I be wrong, and this was the bottom and we're off to the races in a new bull market? Yes. In this regard, watch the 9000 level on the Dow industrial average. There is not only heavy price resistance there, but it is also the site of the 80-month moving average. If this level is taken out decisively, the bear market may be over or at least on hiatus.
“We have two bullish stock picks. United Parcel Service (
“We also offer a trio of bearish stock picks. Wal-Mart (
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