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You forget that the rotation is not over. the supposed quality stocks are
the last to go down in a bear market. the funds keep getting rid of their
garbage and have to invest in stocks, so they buy the Dow. One other thing
to watch is the number of Mutual Funds that are going out of business. It
is my understanding that about 150 have closed their doors to date. Maybe
they were taken over, but they are not there anymore. Ira.
STUART AUSLANDER wrote:
> I dont doubt your negative analysis on the Naz. The key fact to me is
> the amazing internal strength building in the DOW. I read at least 15
> DOW stocks in uptrends. This includes cyclicals which if we are going
> into recession should be plunging.
> Stuart
>
> James Taylor wrote:
>
> > The reason that the Nasdaq market has gone up the last three days is
> > due to technicals, surely not fundamentals, as the market has bounced
> > off of a trendline going back to 1995. How far can this pup
> > potentially bounce before it resumes its rightful descent to earth ?
> > It is likely that the Nasdaq will plunge again to retest the
> > trendline. If the trendline holds, which I would bet it will, given
> > the fact that Easy Al Greenspan will likely cut rates by another 1/4
> > point at the end of the month, and spew more hot air on how he will be
> > ready to cut again if the market heads lower (ps. Easy Al, the market
> > is bigger than you are, you just don't know it yet.) Potential heights
> > for the Nasdaq before the next leg down:3257 =50% retracement3494
> > =62% retracement
> >
> >
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