Y2K7, market direction

Markets:

1. Market was flat on Friday, erased all the gain in the early hours due to "good" job numbers.
2. Tomorrow is the start of the early daylight saving time, some calls it Y2K7 because there are potential issues to disrupt computer systems. My question is, will it be a year like Y2K for the market? The turning point? Or the bull market since Oct.2002 remain intact.
3. The subprime mortgage issues were again the focus on Friday, with one Fed governor said it's the start of the wave, not the end of the wave.
4. All things considered, I think the market is heading lower in the near future, another 5%-8% drop is very likely in the next few weeks.
5. For the week, QID closed at 55.45 from 57 a week ago. SDS at 60, from 61.68 a week ago.
6. Nasdaq had problem to break 2400, S&P just sits on 1400. If they could not hold these levels, then we head lower short term.
7. If they break these levels with big volumes, then it may go all the way back to the previous close before the drop on Feb.27th, I don't think that is going to happen, there are a few resistance along the way as well.

RIMM closed at 134.5 from 136 a week ago.

1. It shows weaker price action in recent days.
2. Next week is option expiration week, it usually closes at or near a strike price during OE week: 135, 140, 130, 125 are all possible. Also depends on market action. I think most likely 130.
3. Long term, there is no question it will have difficulty to maintain the high price level unless it can greatly improve its growth rate and margin. From last two quarters, it's margin was shrinking, while it's revenue beat the view. So I truly believe it's at the last stage of its rapid growth, just like in Y2K, CSCO,DELL, ORCL and NT all showed better revenue numbers with worse margin numbers before the real stock price crash.

Precious metals and Uranium:

1. GDX closed at 38.03 from 37.68 a week ago. Recovered 1% during the week.
2. The strong PM stocks are GSS, HL, AUY, KGC, NG, GRS. Usually the group that does better in the bear market and also lead in the bull market.
3. URZ, EMU and FRG all showed weakness on Friday. All things considered, they did better than PM stocks. Still on my watch list to buy when I think the correction is over.