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Come on, JT. Do you really think the market is going to roll over with the
boomers in their prime saving years and no other exogenous events? The
market ain't going to collapse on it's own. Not from these levels anyway.
The thing that really scares me is that I think the market will continue to
rebound here. It will go up and maybe the DJIA and the SP will even set new
highs by the end of the year. And what's wrong with that? The buy and hold
crowd will have one more notch in their belt. One more annecdote that says
"Don't ever sell." We need more of those to really get this market into the
stratosphere and have the boomers closer to retiring en mass. Then let's
see what happens when it sells off.
Kent
-----Original Message-----
From: James Taylor <jptaylor@xxxxxxxxxxxxxxx>
To: realtraders@xxxxxxxxxxxxxxx <realtraders@xxxxxxxxxxxxxxx>
Date: Sunday, July 09, 2000 1:16 AM
Subject: [RT] Re: NDX top??
> 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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