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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (39080)4/17/2001 4:36:59 PM
From: Peace   of 50167
 
Hi Iqbal, My target low of 1500 on the NDX was overshot by 150 points. I am still holding on to the view we have seen a major bottom put in here. Today's action was very constructive. Despite the recent runup leading to a slight oversold conditions and the knockout punch from CSCO we saw positive closes on the indices and CSCO barely gave 1/2 a point. Despite CSCO trading 175 mill shares we saw lower than usual volume on the nasdaq. This is a strong sign that the real sellers are gone. SPX close over 1190 is a huge positive, spoos 1195. I think the shorts will start throwing in the towel fairly soon providing a nice boost to the market. We still need confirmation on the change in trend and I would like to see NDX 1590 to hold (it did today). Peace
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