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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: pater tenebrarum who wrote (75828)	3/6/2001 8:20:01 AM
From: AllansAlias	Read Replies (2) of 436258

I posted last Thu and Fri that one could interpret the move off the bottom last week as a relatively big turn -- you know, of higher degree. When we had that dip on Friday it opened the window to us sliding down rather quickly. As I pointed out a number of times, the Friday low was the key to going down sharply and it was never threatened. NASDAQ futures are up 50 or so as I type. If indeed we are pointing down in a move that is part of Friday's melt, then there can be no big rally this morning. This seems unlikely. So, let's presume we rally this morning. It could be a correction of higher degree, of the downtrend off the Jan 31 top, or, it could be the start of a larger move off the bottom. I think an EW argument can be made for both. (Anybody disagree?) I am particularly taken by the lack of follow-through in non-tech. They appeared to me to have rolled. Early days there yet. If they can close GE above $46, I'll be impressed, particularly if it's a weekly close. Cheers. ps: Bank of Canada lowering rates today.

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