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Strategies & Market Trends : Sharck Soup

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To: Rick Buskey who wrote (5494)	12/26/2000 12:09:54 PM
From: velociraptor_	Read Replies (1) of 37746

Depends on your time frame...the target based on the original weekly chart pattern was 2300 and it has been met. However, there is still a good degree of weakness and nervous investors out there. At the 2300 level I am cautiously short, but the odds still favor the downside with a possible scenario of the Nasdaq reaching as low as 2000 soon. We'll have to see how the next day or 2 plays out as 2300 may also be our current base. I do not expect our current decline to continue past the first trading day in Jan as we should get a decent bounce for a few weeks. Long term however, I see the Nasdaq likely going below 2000. My worst case scenario target is about 1500. Still way too many companies out there that have no business being where there are. Velo

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