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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED

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To: Dealer who wrote (26621)	12/21/2000 5:25:11 AM
From: Dealer	Read Replies (2) of 65232

The Bottom--Was That It? By:Kevin O'Grady Was this the bottom? There was no whoosh down, which typically marks a selling climax. However, the NASDAQ did bounce off its downside support level at 2300. In addition, the volume was strong and the VIX (for those of you who follow it) spiked above 37, which signals that the market is oversold and ready to rollover. Without a selling climax, the risk remains to the downside until the NASDAQ pushes through resistance at 3000. However, if investors can find something to like in the next week and a half, this could be it. While investors have written the rest of this year off, the first few weeks of next year show potential for a big move. With the opportunity for tax-loss selling past, institutional investors will begin repositioning their portfolios in the new year and buying back some of the stocks they took losses on. If the market can rebound from here before the end of the month, the stage would be set for the stocks to build on the initial gains over the first half of next year.

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