John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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To: John Pitera who wrote (653)	3/31/2000 5:18:00 AM
From: GROUND ZERO™	Read Replies (3) of 33421

Good Morning John, I tend to agree with you on the likelihood of a significant bottom here for the NAZ... I think the NAZ has just about completed its correction, we may see a rally resume as early as today, here's why: Monday is significant for several reasons: 1) the beginning of the quarter, 2) the first week of every month there are portfolio and pension fund managers that do their shopping for the month with new money and, 3) technically the NAZ has come to a good point for a rally... take a look at this chart: tscn.com. 1) although it may seem arbitrary, if you start with the August lows and bring that line up to yesterday's low, you'll find that there was an intermediate January low that is also resting on that line... I know this line cuts off some of the chart, but the fact that there are now three points to this line validates this line for me... 2) as you can see, the RSI is now well oversold 3) we may have just completed the ABC on this down move, and 4) there is reliable support at the 4500 level (previous high and previous low at 4500) and the fact that we broke below it and closed below it and the 50 day MA is not as significant when I consider the other above mentioned variables... The bottom line? Well, the heck if I know...<g> I think we ought to see at least a reasonable bounce and new highs may also be in the cards for this market.... I think that there are clearly an over abundance of Internet companies that will never see a profit and they will evaporate over time, but the NAZ Index itself is likely to see new highs after a while... maybe sooner than we think..... GZ

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