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I expect we'll get a tradable bounce here followed by another leg down
before we start a decent rally into year-end followed by further decline
(ala the 1973 you referenced). While there are many indications which I
follow, one major bottom indication which we have not seen is a VIX move
into 40. Bottom line, there is still too much complacency in this market
and I do expect the NASDAQ composite to reach 2200-2500 before the
decline is over. This market very much reminds me of the relentless
NASDAQ decline in 1987 which kept pulling the NYSE along with it until
there was major panic and washout.
Earl
----- Original Message -----
From: "Ira Tunik" <ist@xxxxxx>
To: "realtraders" <realtraders@xxxxxxxxxxx>
Sent: Wednesday, November 22, 2000 5:13 PM
Subject: [RT] @cco
> I have support on 2 different time cycles at this 2700 area for the
> nasdaq index. So if you are short, I believe that it is time to
tighten
> up the stops. Just an observation. Have a good holiday. Ira.
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