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Technology Stocks : Network Appliance

NTAP 117.26

+1.1%

Dec 5 9:30 AM EST

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To: Miguel Octavio who started this subject	3/9/2001 3:32:06 PM
From: pirate_200	of 10934

The problem seems to be that investors are still too bullish. If you read Investors Business Daily, their big issue with the current market is that the pessimism (bearishness) is still not very high. They don't consider a market bottom to occur until they have extreme pessimism in fund manager's tones and also in the put/call ratio. They also say that the market bottoming usually happens in 3 stages and we haven't completed stage three. Like everyone else who likes technical indicators, they want to see a big blowoff, high volume down day to complete the third leg. Are we do for one, hysterical, climatic down day? Is it today? I don't think the volume is high enough yet today and certainly the talking heads don't seem extremely bearish, so maybe we aren't quite there yet. One thing I do know: there is a ton of cash on the sidelines now waiting for the turn in the market.

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