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Strategies & Market Trends : The New Economy and its Winners
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To: Bill Harmond who wrote (7592)6/13/2001 6:25:41 PM
From: Mark Fowler  Read Replies (1) of 57684
 
Looks like a technical breakdown in networking. Could be the mirror of last summer when telecom equipment went on
to all-time highs.<<

Bill the Xtc( telecom index) is the worst looking index dangerously bearish looking on the longer term basis. And the telecom indexe didn't make new highs last summer. March 2000 was the top for most of these indices and thru the summer the indices were in a topping out process. Please don't say that this is a mirror of last summer's, because if it's, we'll be dead meat Bill. The Nwx and Xtc broke as serval weeks ago out of a rising wedge and could test there lows again because of lousy fundamentals. Other indices have and now the Bio's broke down too...it'll all put some pressure on these markets, It would not be surprised to see many new lows in the telecom and networking sectors. Hell Bill the Xtc has a long term picture that's bleak and the technical measurement down on the telecom index is to 510-520. There 're is a major support near 790 before the potential larger H&S measurement is hit, 510-520. Be very suspect of Nwx and Xtc and i'm not fooling!!!!

It will sort out as long as my guys report well (hopefully). <<

Bill when the tide goes out, it lowers all boats as they say. I hope it does too, just saying some caution is preudent in here near term. We need to hold Spx 1235 or the( hopefully only short term) downward trend continues. Markets are in funcky mode Bill stay cautious near term.
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