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Was there, did that. It was the time of the Nifty Fifty instead of the dot
coms. XRX at 150-160, GM at the same levels and on and on. I knew it was the
bottom when I got a call from my mother saying that she was getting rid of her
GM. As I wasn't trading GM at the time, I asked what the price was and she
said $26. I told her to buy all that she could because that had to be the
bottom. At the opening the next day, I stood in the pit and bought in all my
shorts. There were no puts at the time so you just sold $1000 of calls a day
and forgot about it because they would go out worthless. At the top you
couldn't get anyone to sell because stock prices would climb to the sky, the
same as last year with CMGI and a lot of others. My mother isn't around any
more, but some one will get a call from a loved one asking or relaying the news
that they have had it. At that point this bear will be over. Have a good
week. Ira.
John Nelson wrote:
> On Fri, 16 Mar 2001 gary@xxxxxxxxxxxx wrote:
>
> > Curious to see how far and how fast NDX has been unwinding time,
> > I rigged up a plot that reflects NDX around the 3/27/2000 top. Ie, for
> > each N-th day after the 3/27 top, the data was plotted N days before 3/27
> > (where days are measured in trading days).
> >
> > As you can see: Recently NDX broke below prior readings - signalling
> > that it is now falling faster than it rose in the manic Y2K rally.
> > NDX also broke major support, and at the current rate of descent,
> > it won't take long to tag the 1998 lows.
>
> This is to be expected. Downside moves are usually sharp and nasty. I
> would be VERY concerned for a protracted downturn that takes years to
> bottom out. Anyone here remember the early 70's?
>
> -- John
>
> __________________________________________________________
>
> John T. Nelson | John's Trading Journal
> trader@xxxxxxxxxxxxxxx | http://trader.computation.org/
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