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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: eichler who wrote (35837)11/17/2000 1:03:15 PM
From: Paul Shread  Read Replies (2) of 42787
 
I think, at a minimum, we need to retest the lows. PC ratio got as high as .98 today (it hit 1.47 on an intraday basis last month), VIX was actually down on the day last I checked. Need a lot more fear for even a short-term bottom.

I wouldn't rule out an eventual retest of the COMPX's 1990 log trendline at about 2300; that's where every major sell-off over the last decade has ended. 2530 is my minimum downside on the COMPX to call a major bottom. I see no reason for 2850 to hold; it was a line formed in an entirely different interest rate and investing environment, and to break that line would deflate the bubble, IMHO. Above that line, the bulls are too complacent.
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