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Technology Stocks : JDS Uniphase (JDSU)
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To: TigerPaw who wrote (10582)5/26/2000 7:42:00 PM
From: t2  Read Replies (1) of 24042
 
2900 seems to be a consensus of much of the TA crowd. I'm not sure what makes that number magic, but when enough people are waiting for the same event then there is a good chance that the event will materialize. There doesn't seem to be a fundamental change in the economy, so we need to wait for change in psychology.

If Naz 2900 is the true bottom, then it has no chance of being hit. Too much buying will occur around 3000 or 3100 for it to get that low. The mutual funds or hedge funds are not going to wait for that magic number to take up their positions. I personally don't think it has a chance of being hit. I am of the opinion that the market rallies ahead of the employment report due to short covering mostly. As the rally begins, it will provide confidence to the individuals to put money into tech mutual funds. I am not sure about the retail traders but mutual fund investors will jump aboard pretty quick if they see some rally soon.
That will change psychology. Believe it or not, I think we need more bullishness. The contrarian indicators don't always work when dealing with individuals who invest in mutual funds mostly. The bullishness will result in increasing liquidity and of course rallies. At least that is what am betting on.
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