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I will say one thing to this.. be very careful about shorting this market.
I don't care what charts or bones you're looking at, there is a *ton* of
money on the side lines and if interest rates get jacked up by 1/2 poimt,
there will be less concern about the future of interest rates and that hike
is already factored in. Make no mistake, this market doesn't care about
over value, it cares about interest rates. It doesn't know why that's all
it cares about, it just does. There are no relevant historical events to
match these newbie investors in control of their own accounts and gambling
for today with a long time investment horizon of 2 weeks.
Bob
At 03:54 AM 5/13/00 PDT, you wrote:
>NASDAQ composite si showing a number of bearish moving average crossovers.
>50 dma with both 89 dma and 100 dma. 34 dma is also penetrating the 200 dma
>from above. This kind of situation normally suggests a good amount of fall
>though there could be a small rally initially in some cases. It looks like
>the earlier 3227 support would be violated in the next week or thereafter.
>Below that there would be support at 2900 and 2500 levels.
>
>Also, consider a fundamental information. From May 12 till about May 23,
>about USD 500 billion worth of recent ipo stocks would be freed from
>lock-in. while it is true that not all of it would come the market
>immediately but a substantial part of it can definitely come exerting a
>fresh supply pressure on the tech stock market. some of the scrips for which
>lock-in shares would be released are still trading at much higher levels
>than their ipo prices.
>
>would list members be interested in discussing the above issues.
>
>thanks in advance
>
>rajat
>
>
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