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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium
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To: stan s. who wrote (92207)4/3/2000 11:00:00 PM
From: stan s.  Read Replies (1) of 108040
 
Not much to hang one's hat on in regards to the nasdaq chart. I hate to "reach" for a positive sign but it's pretty much come to that as various areas of support have given way i.e., trendlines , MA's, straight line support, 10% number etc.

Very little stand alone support in close proximity to the price now. A couple of things do offer some comfort. The price is resting almost on the 90 day moving average, that line has not been crossed to the downside since mid October.

The other thing is that 15% corrections are often considered standard fare along with 10%ers.

That line has not been broken on a closing basis and stands around 4192 and is not insignificant.

The other hopes are more in perception than technicals...and that seems to be the "enough is enough" feeling that does seem pretty pervasive.

Perhaps some analysts, commentators and institutions are feeling a bit sheepish in this "hand wringing" that has been so prevalent... and will indeed see the opportunity to scoop up some good prices with earnings at hand.

Hopefully the end is near....as far as the stock drop I mean. <g>

Downside from here is IMO, straight line support around 3700 and would coincide roughly with a 25-26% correction. That's not unheard of (summer '98 was close) but that's a very strong one given the current circumstances.

Stan
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