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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (93527)4/15/2000 11:04:00 PM
From: Doug Robinson  Read Replies (1) of 120523
 
Jenna, now I'm really confused. I just read the article that you mention on April 11th. They don't say anything concerning your comment "What about the buying of the beaten down leaders you mentioned just yesterday and 'patience'? " referencing the April 11th date. They never made that statement. At least I can't find it.

The article on the 11th is primarily about the 1998 correction. Earlier points are warning investors, not recommending buying. Here's the earlier part of the text, written by Ed Carson of Investor's Business Daily from the start.

"Sometimes the hardest move for an investor is to do nothing at all.

The Nasdaq has bounced back in three of the past four days, though in light volume. Beaten-down leaders are making a comeback, and many chipmakers are near their old highs.

That doesn't mean the tech correction is over. The Nasdaq remains in a downtrend. Wait until the composite stages a follow-through day. That's a gain of more than 1% on higher volume, usually on the fourth to seventh day of an attempted rally.

If the rally has legs, leading stocks should start breaking out of solid bases. Yet look around, and you'll see many techs are damaged goods. Most need several weeks at least to form healthy consolidations.

This is a weak market, and may remain so for several weeks or months. Still, even in serious corrections bulls may best bears on any given day."

It then goes on to talk about the 1998 correction. Finally, it says "Check the major averages every day in IBD's "General Market & Sectors" page.

It doesn't indicate anywhere that they were recommending "the buying of beaten down leaders" as you indicate they did.

What am I missing? What's the reference to " . . Beaten down leaders making a comeback" mean. It appears to me to mean nothing but you have taken the time to make this post so maybe you can explain what you mean in your editorial comments regarding that day. I'm not able to figure out what you are trying to say or what point you are making since it's quite evident that IBD is not recommending buying beaten down leaders. The reference to beaten down leaders making a comeback was totally true. Nothing else. What am I missing??? Maybe you are referring to another article. Please post it and that will clarify the situation

Thanks.
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