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Strategies & Market Trends : Drillbits & Bottlerockets

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To: Rich1 who wrote (2567)	2/3/2001 7:56:05 PM
From: The Phoenix	Read Replies (2) of 15481

Rich1, I think the thing about "fear" and "capitulation" is a misnomer that perhaps worked when the market was more tightly held. Ownership is too broad now so I don't expect much "fear"... at least no more so than we saw when we broke through 3000 and on down to 2300. There was some fear then. We'll get that same kind of "fear" if we see sub2000. However, you may have mis-read my post. I don't think we're going through the BRL until we correct down a bit here. The only thing that makes me believe that I could be wrong is that everyone - and I mean EVERYONE - believe that very same thing. People are demoralized right here after this failed run at 3000. I see some serious selling this week if CSCO even says "BOO". I'm going to wait it out. I do think if in fact this occurs - that Cisco gives any indication of softness - that we're going down to 2400 (maybe lower) in very short order. I'll wait for a basing pattern (yeah - right - we'll get a 200 point rally in one day ... just watch)... and then I'll get back in. Then we have to start all over again. By then the BRL will be low enough that we'll get through it. That's my scenario. FWIW I may short QQQ for grins on Monday... OG

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