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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (76266)10/13/2000 10:24:04 AM
From: Crimson Ghost  Read Replies (1) of 95453
 
Don Hays says a bounce is imminent BUT

As we look at this market, we see the significant decline of the Dow Industrials below 10,300 opens the door in my opinion
for a fairly quick drop to at least 9000. That is why I am not aggressively trying to play the signal given by the equity
put/call ratio in the last three days. The 9000 level has two distinct support lines coming together. One is the support zone
fashioned by the highs made in that April 1998 period. A former high serves as a support zone once that index has moved
significantly above the zone. But I really think the best of the two support lines will come from that bottom trend line that
started on the series of lower lows that began in March of 1999. Since both lines come together at the 9000 level, I expect
that to be the target for the end of the second phase of the bear market.
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