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Politics : Idea Of The Day
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To: James Strauss who wrote (34052)10/3/2000 11:26:32 AM
From: Peace  Read Replies (1) of 50167
 
Hi Jim,

We need to take out 3600-3650 on the NDX first. If we manage that I think we can move up to the 3800-3850 area. However, I do feel that we have one more downswing left and we may find a bottom in the 3350-3400 area. I don't think we will need to test the May lows, at least not yet. For long term investors this is a huge buying opportunity. However, as Iqbal suggested some puts should be bought as insurance. This market has priced in a lot of negative outlook and everyone is scared to buy. A couple of weeks later when earnings are flowing in earnest I think the sentiment will slowly change and we will work higher in to the end of the year. P/C ratio closed at 0.72 the highest closing level since May. In the past lows have been found a few days following a high reading.

Peace
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