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Pastimes : Nasdaq Bottom?
QQQ 629.07+0.5%Oct 31 5:00 PM EST
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To: John Lacelle who wrote (15)12/24/2000 9:23:43 PM
From: jj_   of 73
 
I think if the Nasdaq ever broke 2000 on big companies like IBM warning or a bank defaulting into BK then the market might see the Technology Fund redemptions needed to fully wash out stocks for any kind of sustainable new bull movement.
A real problem that I have noticed of late is when the stock market drops you can hear all the normal everyday news broadcasters on T.V. ,who would never say anything about the market,start to really turn up the volume on something terrible happening. It is clear to me that many normal media folks are in the high tech stocks and when things go bad they start making a whole bunch of noise.
I see it as a real "grey area" problem with having a Natural Bear Market that is needed for future sustained growth.
Most people underestimate the power that the general media has on normal events and with over 50% of Americans now in the markets this creates a real problem to have a true needed washout.
In other words,Americans always want the quick fix and the longer that the Market is forced into a quick fix by pressure from the media,politics or any other force,the longer it will take to have another real bull run based on solid fundamentals. We have the opportunity to really washout the market and get ALL weak hands out where they have no business being in the first place and it won't cause a major economic problem to do it. The market shoudn't be run by normal every day Joes crying because the money they invested in the stock market isn't doing exactly what they want.
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