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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (31732)10/26/2000 6:25:36 PM
From: RocketMan  Read Replies (1) of 436258
 
I was not applying the ideologue label to you, only making a comment on the market in general. I realize that you have been playing the trend, whatever it takes to make money. And I agree that this is a bear market. Bear market rallies can be quite profitable if one can spot them, just as bull market corrections can be profitable.

About the 5k level. I agree it is unlikely, but not because of the money that it would take to achieve that. The market's volatility has resulted in wider swings than can be accounted for by money flow.

Take jdsu, for example. By mid morning we had, perhaps, 50M shares traded. There was down pressure, and let's say it was as much as 3:2 sells:buys. At an average share price of around $70, that is about 700M imbalance on the sell side, or 1% of the market cap. That 1% imbalance drove the stock down from 72 to 62, around 14%. That seems excessive. Suppose the imbalance turned, as might well be the case in a christmas rally. Could jdsu return to new highs? All it would take is a week of sell side pressure. Suppose it was a broad rally. Could the naz return to its highs?

I am not arguing that this is reasonable, or that the naz in any way is worth 5k, only that it is possible.

The way this market moves reminds me of OTC-BB days.
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