NASDAQ & OEX -- To: Harry Lew who wrote (30036)
From: Harry Lew Thursday, Dec 21, 2000 2:41 AM ET
Reply # of 30038
NASDAQ & OEX
I have been posting a 2,300 bottom prediction for the NASDAQ for a while now. Today, I made as exact a measurement as I could, and from everything I can see, we should see a bottom at 2,250 on December 26. How did I arrive at this? Two specific consolidations point to this target, so we have stronger than usual evidence of the outcome. ** I must admit it's fun to try predicting "the bottom". But, as always, we want to trade according to our usual rules - and NOT try to psyche out the market. I really want to see a higher low form on the NASDAQ before recommending Longs.
Still, I think we have good odds for a bottom to form in the next 3-4 days. We will be watching to see what happens tomorrow in order to set up for Friday. If we do trade down and appear to be forming a bottom tomorrow or Friday, we may want to consider some extra Long exposure before the holiday - or at least cover shorts. We'll see how it plays out tomorrow, and then prepare for Friday.
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