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Strategies & Market Trends : Market Gems-Trading Strong Earnings Growth and Momentum
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To: ColtonGang who wrote (6365)3/12/2001 5:00:07 PM
From: Dave Gore  Read Replies (1) of 6445
 
Colton/All - Yes, while we are probably close to getting a NAZ rally, what troubles me now is that the DOW is so weak and broke 10,300 with gusto today. It is unlikely the DOW will rally right back and if it falls to 9700 or so, will it drag the beaten down techs much further? That is the big question. If the DOW had held 10,300 I think that would have been a positive for tomorrow.

Could we still rally? Sure, anytime, especially in the techs. The VIX is near 35. But remember that a weakening Europe is now being stated in many tech warnings and PE's guesses going forward are still suspect.

All told, I'd like to see a continuation dramatic fall tomorrow at the open and then maybe a furious turnaround later on or Wednesday. We could still go 300 points on the NAZ either way first, but the DOW direction is almost certainly down at the open tomorrow.
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