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> A change in psychology is long, long overdue.
>
> When will the lemmings who have bought into this latest Nasdaq rebound be
> burned ?
>
> The buy at any price mentality will shift to a sell at any price
mentality.
>
> What will be the catalist ? How long for the unwinding to take place ?
> What desperate acts will the government take to try to delay, mitigate,
> soften the implosion when the
> sick market that they have fostered finally does go south hard ? I for
> one, can't wait for it to happen.
>
>
> JT
>
>
>
> ----- Original Message -----
> From: "Steve Walker" <Steve@xxxxxxxxxxxx>
> To: <realtraders@xxxxxxxxxxxxxxx>
> Sent: Saturday, July 08, 2000 12:04 PM
> Subject: [RT] NDX top??
>
>
> > I guess the chart did not attach to the post I made yesterday. Since I
> have some new information, I thot I would give it a go again.
> >
> > The daily NDX chart shows that the index has retraced approx 50% of its
> recent decline. It has met resistance at a 1/3 speed line drawn from the
> top and the upper Retracement Zone. I will attach a chart to another post
> in hopes it will go thru. I have had no luck at all this morning trying
to
> get this out.
> >
> > When I made the post yesterday, the question in my mind was what would
> happen next. Would the index have the strength to break thru the
resistance
> or would it fade at this point?? I posted my buy point strategies
> yesterday.
> >
> > Michael Murphy publishes a high tech newsletter. He told his
subscribers
> after the Friday close that he has learned of an impending earnings
> disappointment of a major tech leader. He would not name the company but
he
> has changed his short term recommendations.
> >
> > My own calendar counting, which I will not belabor here, suggests that
> there could be a change in trend during the July 5-8 time period. And,
> altho I do not subscribe to Eric Hadik's services, the teasers he
publishes
> suggest a downward move is at hand.
> >
> > This taken altogether favors a near term top. I have taken profits in
my
> INTC and EMC positions and tightened the stops on my other high tech
stocks.
> >
> > Steve
> >
> >
> >
> >
>
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