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One anecdotal sign of at least a short term bottom is the incredible number
of brokerages falling all over themselves to downgrade stocks over the last
few days. Cisco is all of a sudden a huge risk at 24, off from 69, etc.
It is amazing the public never catches on to what really goes on.
Remember, buy and hold - except at the bottom.
Regards,
Tom Alexander
----- Original Message -----
From: <gary@xxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, March 06, 2001 12:44 PM
Subject: Re: [RT] NDX - due for a bounce?
> If today's low holds, then it will be above the lower band, and
> represent a potential buy signal, with a low below 1850 (the approx.
> low on Thurs. March 1) representing a rally failure. The initial
> upside target would be the mid-line band, at about 2300 (+20%)
> within a month, and the next target after that would be about
> 2600 (+35%) within 3 months. This may be wishful thinking
> given the gloomy outlook, but both targets would be consistent
> with recent price-performance and still would not invalidate the
> overall downtrend.
>
> (attached chart, updated using today's current low - 1983.23)
>
>
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>
>
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>
>
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