The earlier forecast for a low in Feb off the double top is now looking unlikely to develop. The last two weeks has seen a substantial re rating of the market, as you can see. I would say fund managers have discovered technology stocks. This is likely to continue into the new year, judging from the shape of the up move since October 19th. This is not what I was expecting. But that is the nature of a forecast.

I note with interest, the October low was very close to the mid point of the Oct 98 low, 2360, and April 99 top of 3165, renewing my respect for mid points off significant highs and lows.

I also note Bill Gates sold 5 million shares in Microsoft, one week prior to the recent anti trust ruling.