Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: energyplay who wrote (78618)	11/14/2000 12:47:29 PM
From: The Ox	Read Replies (2) of 95453

Hi energyplay, I wanted to respond to your earlier post about NASDAQ support. From Feb 99 through Oct 99, the NASDAQ bounced around between 2200 and 2800 (approx). It would seem to me that there is plenty of support at different levels in this range. The folks from the street.com might have a good reason for choosing the 1800-1900 level as their 'next' support level by I would take issue with this simply because of the amount of time the index hung around in the mid 2000s area. We saw a pretty solid rebound from the 2850 level the other day. While this could easily be a bear market bull trap rally, I would suggest that the support found is indicative of my above theory that there will be plenty of support for the market in the 2200 through 2800 range. I would be very surprised to see the NASDAQ blow throw this 600 point range without a HUGE battle being waged. I believe that the large downward moves we've seen lately will be diminished, except after relatively strong rallies (like we are seeing this morning). I'm curious what you think of this concept? TIA, Michael

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