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Strategies & Market Trends : The Thread
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To: stomper who wrote (37080)3/13/2001 8:07:53 AM
From: Jack Hartmann  Read Replies (1) of 49816
 
Stan's comments on the market.
March 12...no real shock today. As you can see, support gave way in the same fashion it has all year on the naz. The drop was exacerbated by the Dow drop but more importantly by the S&P 500 woes. That index is now down 22% from its highs.

The weakness in the S&P might actually help the NASDAQ in a back handed way. It's long been felt that if there is a PPT, it would spring into action on 20% dips in that index. I really have no comment on that but I do think the techs are now due for a rally. Today was the 50 day cycle low and a respite should come within the next few days, perhaps as early as tomorrow.

I don't feel that the next rally will be 'the rally' that breaks the back of the bear market. IMO the naz will likely see lower lows in the next few weeks, very possibly as low as 1450. There is some prior support that I've been showing at 1760 (have not mentioned it though) but for the moment, due to the extreme weakness, I'm sticking with what I see as lower support. That is especially true if we rally and retest this area, I think the weakness then will be overwhelming and could well take us to the 1450 area by late spring.

wallstreetmonitor.com

The vix was a one sign of capitualtion by closing above 35. The Put/call was 0.91. Not really very bearish.

Jack
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