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Strategies & Market Trends : The New Economy and its Winners

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To: Bill Harmond who wrote (22)	5/10/2000 7:45:00 PM
From: Mark Fowler	Read Replies (1) of 57684

Of the volatile trading Wednesday, [Todd] Bakar [director of research at Chase H&Q] added "the fundamentals didn't matter when these things we're going up to the moon, and these things don't seem to matter when we're going down."<< There seems to be some truth to this. Stocks get over sold and over bought to extremes. That sword cuts deep both ways at times. The reason for this sharp sell off today is because most of these indexes were moving up on a steep rising wedge pattern and that first trend up from the bottom is usually broken i find, thus the sharp sell down today when that trend line was broken, now i'm thinking this should be the wash out that one should start to build on. Hopefully we will start to see some positive patterns developing on these charts again over the next serval weeks. It'll be slow moving up again but at least i hope for the most part we'll see some positive patterns developing on these charts again.

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