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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: LANCE B who wrote (90969)8/30/2001 9:05:59 AM
From: ChrisJP   of 150070
 
Hey Lance, not so sure about that "turn" you mentioned.

There's always the possibility that the markets could rebound to their 50 dEMA (NASDAQ's is currently about 1980) but I can't think of any piece of news or economic data that could happen in the next 2 months that would convince people to cover their short positions and go long.

Valuations are still too high given the economic environment going forward. We are still experiencing the downside of the bubble. One of the things I do to try to gauge stock market sentiment is to ask Jim Bishop, maybe Bernard, how many people are in "Live" and "the stockpit". I think this spring both places had between 70 and 90 people -- with maybe 10 people in both rooms. Yes I know that late August is a factor, but this week Jim told me there were about 50 people in Live and when I connected into the pit on Tuesday -- there were less than 30 people. August or not -- that's a big difference. To me its an indicator of how many people think its worth their time to try and make money by hanging out all day in a chatroom !

Maybe this current move down (which IMO, started with the NASDAQ double top of 2100 in early August) will be the last one.

That's my short summary -- if you want a detailed version, you're always welcome to call me.

Regards,
Chris
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