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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED
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To: LLCF who wrote (25986)12/19/2000 4:18:37 PM
From: jcky  Read Replies (1) of 65232
 
DAK,

Give these guys a break. Sure, Porch members tend to be myopic on the long side but they're good people.

With regards to the Nasdaq, it's pretty clear the Nasdaq remains in a bear channel. Who really knows where the bottom is but clearly the risks here are much less than when the Nasdaq was over 4000. Maybe the Nasdaq tests the 2000 to 2200 level. Maybe the Nasdaq sees 1800 but I don't honestly believe the US economy is going to implode like the Japanese of the 1990s.

If anything, the high flying tech stocks (CIEN, EXTR, BRCD, BRCM, JDSU, SEBL, etc.) are finally starting to experience some discretionary multiple contraction. The former high flying four horsemen of the Nasdaq have been shot. Cisco is finally headed for the 30s. The tale of Icarus repeats itself.

Now all we need is time to mend the wounds. The Feds have given some hope for the future.

Regards,
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