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Strategies & Market Trends : MDA - Market Direction Analysis

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To: bobby beara who wrote (75271)	4/18/2001 12:29:33 AM
From: t2	Read Replies (2) of 99985

BB, If you were bearish a month or two ago, that was a good call. There is a lot of skepticism about any significant Nasdaq rally. That is obviously a good thing and people seem to be using technical analysis to come to that conclusion and that is also good. It keeps the explosive rally scenario intact if it breaks key resistance levels--which I believe it will. Ralph Bloch called the bottom a week or two ago after seeing the put/call ratio at highs levels for several days in a row. He said it was a short and intermediate term bottom and could be a long term bottom but does not need to make that call yet. What he said made a lot of sense. He was wrong at calling 3k as the bottom. However, this time he seemed more confident. Things are different now due to mutual fund cash levels and clearing the tax payments..and we may be seeing the worst in earnings or close to it.

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