Market Gems-Trading Strong Earnings Growth and Momentum Message Board

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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum

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To: Dave Gore who wrote (1623)	1/12/2001 2:49:17 PM
From: Lane Hall-Witt	Read Replies (1) of 6445

Dave: I've certainly been suspicious of this Nasdaq rally because it denies the extremely tough fundamental condition of the economy, near-term -- and I think it would tank quickly if the market starts to believe that the Fed won't lower rates again at this month's FOMC. That said, the trading action has looked solid, even today. I see far more buy-the-dip exuberance than sell-the-rally fear. CIEN's performance today has been amazing. ITWO, which is down on the day, has actually had buyers come in quite consistently on every pullback. And look at the rally in the small-caps! The hedgies are speculating again, which I think means that we're going to see more money in circulation. But it all still depends on the Fed. If Greenspan pulls back the punchbowl, the markets will lose heart and reach new lows. I believe Greenspan will remain market friendly, and so I'm cautiously optimistic right now. If the market tanks next week for no good reason, though, it certainly won't be the first time! If there's one thing we've all learned about the Naz, it's that it can turn on a dime. <G>

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