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Strategies & Market Trends : Sharck Soup

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To: Sharck who started this subject	11/28/2000 3:07:33 PM
From: velociraptor_	Read Replies (2) of 37746

Naz looking VERY sick...internal technicals are detriorating, and what few supports we had have been broken. Don't be fooled by the talking heads on TV, etc. We do NOT have a bottom! My near term target for the Nasdaq is 2250. Long term, we should see at least 2000. Hard to believe? Welcome to a bear market. There are still lots of stocks out there with super high P/E's. Many 2nd and 3rd tier stocks are being crushed while the "high flyers" are being supported as best as possible. Technicals indicate that a crash potential still exists even at this point as there is still a lot of complacency where many continue to hold stocks in the red for the bounce that will probably not even come. Once these holders throw in the towel, as well as margin calls, and mutual fund redemptions kick in, we have a strong potential for seeing a real waterfall decline even at these levels where the index may drop a good few hundred in one day...at least. Buy the dip crowd is being crushed. Velo recommends staying in high cash overnight.

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