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Strategies & Market Trends : Three Amigos Stock Thread

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To: Ditchdigger who wrote (20028)	5/26/2000 8:17:00 PM
From: Ken W	of 29382

DD, TA wise the NASD can go a little further south..2800 to 2900. Oversold is an understatement at this point, but people will not allow it to do the work needed to find the bottom. They keep looking, only to be disappointed, like on Thurs. Plug in the 50day Stoch's and see what I mean as to oversold, but this chart shows that the bulls are not ready to let go yet. Started the Stoch's on another upshot, which will fail IMO at the 200dMA..makes for a trade, but not the end to the water torture of late. There will have to be some time for the comp. to mend the damage done. I think that will take a couple of months while the 200dMA gets down to near the bottom so that it can be in position to be "crossed" by price to the upside. Bear markets have lasted average of 3 months in the past. We are only about a third of the way though now. LOL As to the volume. I don't think we will see the volume of the past for some time to come. A lot of people have been hurt in this thing (margin calls etc.) and will not want to play anymore. LOL So, there will be fewer casual daytraders, 16yr old kids, around to drive the churning volume each day. Ken

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