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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote ()	4/11/2000 11:14:00 AM
From: d_trader_99	Read Replies (1) of 50167

The direction of the market. If you ask for weekly NASDAQ performance last 3 years, you will find that NASDAQ has lost ground since March 10. It lost 5 weeks in 6 weeks and net down more than 17%. When I compared its performance last three years. I could only find the similar situation during the period 7/20-8/31, 1998 when NASAQ was down 6 weeks in 7 weeks. During this period, NASDAQ touched low 1475 for the week 8/31/98. What followed was that the crash in early October when NASDAQ touched another low, 1344. If the history will repeat, NASAQ will retest its recent low, 3649 set last Tuesday. However, the fundamental is quit different from now and 1998 when the Asian financial crisis spreaded over the world. The problem faces NASDAQ is valuation wary not the liquidity problem. It is ridiculous that a stock was traded hundred time of future revenue and this type of stock should get hair-cut. However, when these high flyers fall, they bring down the whole tech market. One of lessons these days is that holding stocks with reasonable PE but trading stocks with momentum only.

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