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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: hdl who wrote (128790)10/11/2001 5:32:05 PM
From: Jacob Snyder  Read Replies (1) of 436258
 
re: a top?

1643 is a very important number for the Nas. That's the April closing low. We gapped down through it on 9/17, retested it (precisely) on 10/4 from below, and gapped back above that level today. Unless we get an island reversal (another huge gapdown at the open tomorrow), that level becomes strong support, support that will probably hold for months. Like the January and April lows held for a while. What I'm saying is, the chart is clearly indicating we've seen an intermediate low, (caused by an "exogenous shock" to the market). We will probably go on to 2000 or so, although I doubt we take out the May 2001 high.

Remember what the Fed did to proactively "fix" the looming Y2K meltdown? Shovel liquidity in. Remember where that money went, all that loose money sloshing around with no rational place to go? Into NTAP and AMAT and such. They are doing it again.
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