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Non-Tech : QQQ - Nasdaq 100 Trust

QQQ 623.23

+2.2%

Nov 10 4:00 PM EST

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To: D. Miller who wrote (436)	11/29/2000 7:35:26 AM
From: Topannuity	of 840

when we broke 3000 we lost a very important support level which is now resistance. Difficult to see us above 3000 in the near term. also next quarter's earnings will probably be down from this past quarters. I think the slow growth scenario weighs heavily on the high- multiple naz. Plus there's a risk we slip into recession. The "wealth effect" is now the "poverty effect". Could be a big problem going forward. Bottoms are usually broad formations taking much longer to build than tops which are often climactic. We are far from having built anything near resembling a bottom. We're months off if you look at a weekly chart and see the huge overhang from the break of 3000.

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