MDA - Market Direction Analysis Message Board

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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 659.03

+1.0%

Nov 21 4:00 PM EST

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To: Zeev Hed who wrote (71654)	3/10/2001 11:39:52 AM
From: westpacific	Read Replies (1) of 99985

BRCD and EMLX look solid, QLGC could see 23 IMO. But I have to agree with ZEEV, so many beaten techs, and actually a massive basket now trading in a range of 15PE. A 14PE is considered a value play by historical averages. The big question is how strong will the rally be, due to the fact that every rally will be met with selling. But we are close to a snapback rally IMO. The 50MA is 2500 on the NAS and we are seriously oversold on a technical level. What I would like to see is a snapback in the NAS and for the DOW to selloff. We need to see the DOW come back to say 8000 or so. Right now the average PE in the DOW is 21 and this is way to high. The S&P is still right around 24 on its PE. But right now I have to admit some techs look very tasty based on some charting. Many are at the bottom of their channels. Need to watch this very close. And of course we should see further downside pressure on the rally top. Need to not get greedy and overtrade this. IMHO Discloser - no position in the above. West

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