Stock Attack -- A Complete Analysis Message Board

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Strategies & Market Trends : Stock Attack -- A Complete Analysis

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To: Les H who wrote (32798)	10/12/2000 10:17:09 PM
From: Jack T. Pearson	Read Replies (1) of 42787

I believe you are correct. I have noticed retail buyers are driving up the price at the open. Sellers big and small are waiting for 60-90 minutes and then dumping. The Nasdaq is down nearly 700 points in the last 10 trading days. Volume has not increased significantly over that time. Earnings warnings, disappointing earnings, increasing oil prices, and foreign unrest have overcome good news. Winter is still ahead and fuel supplies are declining. Good earnings have been rewarded with selling for some months now, even in August when the Nasdaq was moving up, so I will be surprised to see good earnings pulling the Nasdaq out of this slump. At best, I would expect spectacular earnings help a few stocks maintain their current value as other stocks decline. The fact that companies delivering spectacular growth also have stock P/E's of hundreds or thousands in a declining market doesn't make me want to take a chance and buy their stocks. I've been out of the market since this "open up, close down" pattern started a few weeks ago. I want to see a base, or at least a retest of the low, before I put any money back into the market.

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