WR's Momentum Trades Message Board

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Strategies & Market Trends : WR's Momentum Trades

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To: Wayne Rumball who wrote (8807)	11/11/2000 7:42:07 AM
From: ChrisJP	Read Replies (1) of 11130

Hi Wayne, you ask, "How does that figure into the TA ?" Answer: T/A basically says the stock market sucks. <gggg> The stock market should have sucked starting around June 1999 when the interest rate hikes started. Anyone with even 1/2 a brain would know that the rate hikes would eventually slow the economy down to the point where we are now. Unfortunately, there was so much money floating around from the extended bull market and the 3 rate cuts in 1998 that money piled into the .com's, then the b2b's, then the fiber optic sector .... and of course biotechs. The NASDAQ Composite daily chart looks pretty bad, like we could easily drop another 300 - 400 points if there is finally a long awaited "capitulation" event. The weekly chart sort of says the same thing. But if it happens they will both be suggesting the NASDAQ is "oversold", which could signal a bottom once and for all. siliconinvestor.com There's always a chance that Greenspan will finally move to neutral in Nov. or Dec. , given that the DOW and S&P are back to where the were 21 months ago. That should put the markets on firm ground. I've said since May that if we could only get an unemployment report showing we are moving off of 4% maybe he would change his stance and start thinking about easing ..... As for GLMC ..... lol, just because everyone has sold, doesn't necessarily mean there are people ready to buy. Besides, didn't you get your move from 3/8 - 5/8 ? Not a bad gain in the 4 days during which the NASDAQ dropped 11%. Chris

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