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Pastimes : Home on the range where the buffalo roam
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To: Boplicity who wrote (12804)4/19/2001 4:19:57 PM
From: Jim Willie CB  Read Replies (1) of 13572
 
bear is not gone, only hiding
dunno about how much effect this Fed cut will bring
just dunno
but they are certainly gonna fight hard
and probably hit the overcutting guard rail next
they are like drunk drivers
finally he admits the weakening of cap eqmt spending

I expect the Naz run has some legs
it might well continue to run some more
but right now Naz 50dayMA is flat at 2100
we are ahead of rising 18MA at 1950
we are ahead of flattening 30MA at 2000

at 2150 we are at some resistance here
and being above 50MA is simply risky in this environment
I see a potential Head & Shoulder pattern on NazComp
pullback to 2000 then lift again ???

to continue any run, we must have widespread acceptance of 2ndHalf Recovery
the Fed certainly fed that notion some mother's milk yday
with positive forward guidance coming from the likes of INTC, IBM, SEBL,
who knows?

I still expect the economy to run out of steam by summer
all these fed cuts wont produce orders for Cisco
we might actually see the bear sit on largecap tech stocks this spring and summer
but small and midcaps will continue to run and have some buttkicking fun

later this summer, I expect a bear claw to rip again
esp if we run too high with leader techs and the Naz and QQQ
/ jim
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