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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 690.27

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Dec 26 4:00 PM EST

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To: fedhead who wrote (47464)	4/20/2000 11:30:00 PM
From: NucTrader	Read Replies (1) of 99985

>>I had thought that earnings would provide a floor on the tech stocks. << IMHO this whole tech downdraft started with the biotechs. Clinton/Majors acted as a nidus for precipitation of the supersaturated solution of investor psychology(supersaturated as in everyone knew how overvalued it all was, that it really couldn't go on for ever, and that the day of reckoning was close at hand). The PPT turns up the heat on the bunsen burner and gets a little to go back into solution. Now along come earnings, many good, but in reality all too confirmatory of the overvaluations in the present market psychology. Uh ohhhh....bunsen burner just went out. The solution's cooling down. The process of precipitation has only just started, IMHO. Course, gotta say: I been wrong before....;-)

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