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Strategies & Market Trends : Dave Gore's Trades That Make Sense
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To: dan6 who wrote (21)12/19/2001 1:44:55 PM
From: Dave Gore  Read Replies (2) of 16631
 
WHERE IS THE NASDAQ HEADED?

I tend to agree that the NASDAQ at least needs to retest at least the 1900 level once more before heading higher. The DOW again looks stronger today. SOX looks weak.

What do you think? Agree with this guy?

FROM TODAY'S E-MAIL BAG
"***But what's going on in the wider markets? With the NASDAQ
breaking 2,000 yet again, is this truly the end of the bear?

If anyone can come up with a decent answer to this question,
it's WaveStrength militant Adam Lass. Here's what he told me:

"While a new NASDAQ high is still months, possibly even years
off, the current rally is approaching a key WaveStrength
confirmation signal. This approach even explains the recent
near-horizontal run after months of stair-stepping upward
progress.

"Using the more sophisticated diagonal trend measurement system
rather than a simplistic horizontal metric, it's easy to see
that we are approaching the last genuine barriers created by the
bear market of the past 100 weeks. This barrier is what has
restrained the markets' upward progress.

"In fact, the NASDAQ has failed seven times in the last 11 days
to break the next-to-last bear tier, the falling 100-week 93.75%
line. And I expect it to fail again and fall back to the
confluence of the rally's diagonal -75% line and its horizontal
23.6% Fibonacci retracement mark at 1,904.

"This raises the unfortunate specter of a head-and-shoulders
pattern that could indicate a collapse to as low as 1,750.
However, it is too soon to judge the strength of that pattern."
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