Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: westpacific who wrote (791)	11/20/2000 5:51:52 PM
From: tradermike_1999	Read Replies (1) of 74559

Monday Meltdown We had a nasty gap down today on the heels of downgrades by Morgan Stanley on a whole host of tech stocks, including CSCO and JNPR. EBAY, DELL, and Gateway also got a thumbs down from analysts. Not mentioned by CNBC was a group of stories in the New York Times this weekend about more problems in the corporate junk bond department. OPEC also announced that they were going to cut production, thereby insuring that these high oil prices will last through the winter. Around noon the Nasdaq fell down within one point of the year’s low set last Monday. Tthen the Ameritraders and the buy the dip crowd came in and tried to stage a rally which fell apart in the last half hour. I’m still not seeing institutional block buying on these bounces. Until I do I don’t expect them to hold. It’s all retail. Let’s hope for a short term bounce. But we are now we are faced with the Nasdaq closing only 25 points away from the 2850 support level. A close below 2850 tomorrow could bring a real massive meltdown that will the spell the end of the Stuart and the margin nuts. As I’ve insisted all along this isn’t all about the election. The slowdown in earnings, profit margins, and a possible recession in the works is what is spooking this market and why the selling is becoming brutal. What is shocking though is that there doesn't seem to be any real sense of panic yet.

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