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Politics : Idea Of The Day

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To: megazoo who wrote (31272)	4/24/2000 12:01:00 PM
From: James Strauss	Read Replies (1) of 50167

SXB: I'm usually a contrarian but I don't think we've seen the bottom yet... While individual stocks can have V bottoms it is rare for an index to have one... There is usually a testing of the waters after panic selling... This results in a short term rally that is sold into by disbelievers... That gives us the retest of the bottom... I believe that's what's happening now... Also, the possibility of a Microsoft split up by the same people that brought us the plan to save Elian has got the market concerned... We might have to see MSFT successfully test the 44.00 area before the Nasdaq calms down... BTW... In Oct 1998 we did have a V bottom for the Nasdaq... It was about 18% below its 200 day MA... Today, that would mean a test of the 3000 - 3050 area... Jim

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