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

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To: bill meehan who wrote (93817)	4/13/2001 8:20:54 PM
From: t2	Read Replies (1) of 436258

Sentiment, which I have consistently stated is the technical tool most useful during times of extremes. Bill, If sentiment has taken a 180 degree turn, I would think that the following scenarios would continue to unfold: Technical Traders (who don't take note of sentiment) will stick with certain resistance levels on the Nasdaq and sell or short sell. They will have strong convictions about their approach as the Nasdaq has been in a nosedive for a while and they have developed a sense of confidence. That confidence can be costly to them if they turn out to be wrong--just as the bulls learned over the past few months. Many believe the resistance is a little below 2000 on the Nasdaq and I have seen certain investor sites telling people to get aggressively short as such levels. (I am not a follower of technical analysis) As the real buyers continue to add technology stocks, we end up in a very broad short squeeze in the Nasdaq stocks. Many of those stocks have small floats. That could create a very explosive rally higher--pushing the index easily to the mid 2000s (2400 to 2500 level) in a matter of a week or two. Do you see that as a possibility in such a short time?

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