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Politics : Ask Michael Burke

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To: Earlie who wrote (88074)	1/7/2001 11:20:00 PM
From: Michael July	Read Replies (1) of 132070

Earlie, Don Hayes who has been quite accurate on the market since at least last Spring still believes the NAZ has a shot at 1800 or so before any sustainable rally. From a TA standpoint, yes I know MB has no use for it, this looks reasonable. But after any rise of say 20% he is looking for the other shoe to fall and the NAZ to crumble to new lows. I too have felt this way....but I was thinking that over 2 years ago :>) We are in a bear market and rallys are short/powerful but followed by renewed selling to new lows....until capitulation. We'll know it when most everyone says they'll never buy another stock as long as they live (these would be the same people who said "buy and hold for the long term"). It wouldn't surprise me if the NAZ bottoms out down 70-80%. Just as in physics for every action there is a reaction. The pendulum is now swinging back the other way and it will likely go further than most people think.

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