Daytrading Canadian stocks in Realtime Message Board

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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime

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To: Andrew who wrote (35195)	4/14/2000 11:10:00 PM
From: Andrew	Read Replies (3) of 62347

Doesn't look too good does it. IMO we may be seeing the begining of a Bear market. Rising Interest rates are never a good thing and the Valuations of Stocks on the Nasdaq were and perhaps still are out of hand. Many Big cap stocks are still trading near 100 times plus earnings, where is the logic. Sun Microsytems 100 times earnings, Cisco Systems 175 times. Things may have truly gotten out of hand over the last 6 months I dont even need to mention the small cap stuff and how out of hand these stocks had gotten. MY Technical take on the Markets, the Naz broke through the 40 week MA at 3552 today decisively, very bad. where is the next support? The highs of last July, September and October were 2874, 2897 with OCT high being 2923. also the 80 week MA is 2918. This former resistance area at 2900 may provide some support with the help of the 80 week MA being around the same price really tells me this is the last chance support area. This is really simple TA but it works.Forget all the other Mumbo Jumbo. IMO Monday or Tuesday we will test 2900, should it not hold we can officially start calling this a bear market. That fact that the DOW is tanking along with the NAZ shows that the crash is spreading throughout all sectors and certainly isn't good either. I hope I don't sound too pesimistic, just trying to be realistic! I can't believe some people are topping up their long term accts. Andy

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