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Strategies & Market Trends : News Links and Chart Links

SPXL 227.57

+0.7%

Dec 11 4:00 PM EST

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To: Les H who wrote (174)	5/17/2001 11:25:05 PM
From: Les H	Read Replies (1) of 29602

quite a few have cycle high dates for May 18 marketweb.com marketweb.com also, EW From EW Financial Forecast newsletter published May 4th, 2001 : "Of the leading averages, the NASDAQ sports the clearest near term picture. Last month, (4/4) EW made this near-term observation: 'With the Nasdaq showing a possible 5 waves down from its 3/10/2000 all time high, it could undergo the biggest % rise since this high.' The 47% rally from the 4/4 low to 4/20 high in the Nasdaq 100 is indeed the largest % rise since the 3/2000 peak, and it appears to further to go. The hourly chart shows a near textbook example Elliott wave. The 5 wave rally from the 4/4 low is wave A of a larger ABC upward correction. Wave B should draw prices lower in the next week or two, but the 4/4 low at 1348 should remain intact for awhile. Wave C will then carry prices to a new recovery high, likely to 3000. There is a band of resistance at 2200-2600 as well, which should figure into the intra-rally pattern. Though the Nasdaq Composite exceeded its April 20 high by 19 points, the near term message from the OTC indexes is the same : a short-term decline is due within an intermediate term bear market rally. Longer-term, the Nasdaq is still in a bear market that has years to go. A break of 1348 would negate the short-term rally potential." Steven Hochberg and Peter Kendall Peter Kendall is interviewed online at financialsense.com

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