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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 682.06+0.3%Oct 31 5:00 PM EST
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To: zamboz who wrote (64882)12/21/2000 2:18:19 PM
From: Crimson Ghost  Read Replies (11) of 99985
 
I suspect those watching the NAZ for signs of a final capitulation are looking at the wrong ball. If NAZ drop from 5000 to 2300 has not made the mass of investors capitulate, a further drop to 2000 or 1800 will not do so either.

The key is the Dow and the old economy stocks. When the Dow breaks decisively below 10000 shattering the idea that these issues represent a "safe haven" I expect investor sentiment to go off a cliff setting the stage for a significant bottom.
The big 1998 trough was characterized by massive selling pressure in BOTH the Dow and the NAZ.
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