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Technology Stocks : JDS Uniphase (JDSU)
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To: pat mudge who wrote (8690)4/12/2000 5:26:00 PM
From: t2  Read Replies (1) of 24042
 
A friend at a NY hedge fund said they have their fingers on the "buy" button, waiting for the gap to be filled. I doubt they're alone.

I agree Pat. They want to wait as long as possible and may be looking at 3650 as a trigger point. I hope we see it tomorrow in the first half hour of trading.

It seems most are waiting for the "prophecy" of a retest of 3650 before buying. This retest idea is pushed so much by CNBC and its new gurus such as Ralph Block. Some others are getting some of their credibility back after being so bearish for so long, especially the TA experts who have been proved so wrong so often. Now they want everyone to know they are right. Of course the traders are going to play their words and that of CNBC reporters for some short term trading opportunities. Ron Insana and Tom Costello keep talking about the guys who have been right on the money with their calls. IMHO, they have a lot to do with the decline. It sends a message to would be buyers that the worst is not over and then we get the reluctant sellers.

CNBC questions, where are the daytraders. I have a clue. They are sitting on a lot of short positions thanks to the continuous bearish comments and talk of lower and lower support levels.

I remember October 98 very well. What an opportunity that was for me. I choose to look at this the same way.
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