There is a vacuum of buyers and no one stepping up to the plate. We mentioned yesterday the grind down and complacency as mentioned in the 2 to 1 ratio long to short in S & P 500 (Rydex NOVA/URSA) combined with with record low assets in NDX 100 short arktos fund (88 million) vs long OTC NDX 100 3.3 BILLION . AU CONTRARE IT IS
Now we have the NDX 3,505 test that holds for now (NDX 3,498 low)and now the bounce at NDX 3,555. If this bounce fails we could sell of late and dive to this NDX 3,390 mentioned yesterday with marginmike when NDX was at NDX 3,750:
...<To: marginmike who wrote (2754)
From: J.T. Tuesday, May 2, 2000 2:38 PM ET
Reply # of 2773
mike, to get that good shake-out, I think we can hit an intraday low of NDX 3,390 which is lower than that NDX 3,505 double support but above that NDX 3,207 and then the ramp up>....
If tomorrow's productivity number is below 3.9% - we got serious problems with this productivity argument put up by new paradigmers and under worst case scenario (productivity at 3.5% or less) a bloodbath intaday test below NDX 3,100.
Best Regards, J.T. |
