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Big negative ticks ( -900 and under) earlier today;at the low a few minutes
ago the ticks were -800.
Selling pressure has abated, I predict a resumption (could be explosive) of
the summer rally until next mid-week. DOW to 11,000; SPU0 to 1550; NASDAQ
COMP to 4400.
-----Original Message-----
From: JW <JW@xxxxxxxxxxxx>
To: realtraders@xxxxxxxxxxxxxxx <realtraders@xxxxxxxxxxxxxxx>
Date: Friday, July 28, 2000 2:28 PM
Subject: [RT] RE: RE: Re: MKT: NDX / PEP
>Another opinion - this excerpt from today's TheStreet.com midday update
>email:
>
>By Aaron L. Task
>Senior Writer
>7/27/00 8:49 PM ET
>
>SAN FRANCISCO -- When Richard Williams, market analyst at Jefferies,
>came out bearish on the Nasdaq Composite July 19, the call proved to be
>a day early but not a dollar short. In fact, being short woulda' been
>the right move.
>
>Thursday morning, Williams emailed with the observation that "the
>Nasdaq appears to be approaching a short-term bottom," in the 3820 to
>3840 range. That call looked eerily spot-on as the day unfurled -- the
>index tumbled as low as 3841.62 before closing off 3.7% at 3842.25.
>
>In the wake of the decline, the analyst forecast the index could begin
>a rebound as early as Friday, ultimately rising to as high as 4050 in
>the next few trading days. But he also believes traders would be best
>served to use that presumptive advance to "lighten up" or establish
>shorts. It will prove to be "a temporary respite before further
>downside," he said.
>
>Williams reiterated his call for weakness over the next four to eight
>weeks, one that takes the Comp as low as 3335, or down another 13% from
>Thursday's close. He sees a similar, although less bearish, pattern for
>the S&P 500, suggesting the index will also rally from Thursday's close
>of 1449.62 but soon test support around 1400.
>
>Looking out a bit further, the analyst forecast the market will enjoy a
>"Fed-induced" rally beginning in late August and continuing through the
>election in November, but will suffer another "big correction" shortly
>thereafter.
>
>Elsewhere, Williams sees the Philadelphia Oil Service Index as having
>run into resistance at around 115 and recommends shorting the index
>with a 120 stop and 92 target.
>
>As always, you're free to follow, ignore or bet against the sources
>mentioned in this column (at your own risk, of course). Just wanted to
>pass along the latest from a guy who seems to have the "hot hand" these
>days.
>
>---
>JW
>
>-----Original Message-----
>>I would be a buyer at today's low
>>qqq should visit intra day hi of 96-98 in 2-4 buss days
>>THEN short to 80
>
>Thanks Ben... almost every technical analyst is looking for the same 2-4
day
>rally. Cause for concern as far as I am concerned. I am more interested in
>seeing how far down they can take CSCO INTC SUNW.
>
><snip>
>
>Gitanshu
>DISC: Long PEP Neutral INTC.
>
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