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Pastimes : Ask da_cheif
MVIS 0.944+2.5%3:59 PM EST
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To: Rich1 who wrote (7855)1/14/2002 2:29:40 PM
From: Chip McVickar  Read Replies (4) of 8150
 
The NQ's and NDX have a 3 bar sell wiggle.

The NDX closed a gap this morning at 1610.
The NDX lower gap is at 1439 11/02/01

It's possible the DJIA and NDX will de-couple as tech profits are taken and blue chips rebound. It's to early to know if the Enron debacle will spill over into the blue chips and general market.

However, if Enron is an example of modern creative accounting practices, and their methods are well established throughout this countries aggressive growth companies..., then we are in for a serious retracemnet as the rugs begin to be pulled up. Could be a lot more trouble as this political snow ball gets rolling.

In the earliest days of commerce they kept track of one's wealth with sea shells. You caught some fish or brought in some harvested rice and exchanged it for shells which allowed you to trade for other items. They agreed upon the value of the rice and then agreed to agree on something that had no value. Only today we use pieces of colored paper and agree to agree on it's value.

Enron that beautiful crucible of Greed and Hubris is what diminishes the "We Agree to Agree...."
Such gifted capitalists.

Can you imagine what would happen if 30% of the S&P's largest companies are all found to be parking bad deals off the books and have been taught to do this by Arthur Anderson and the countries business school master's programs.
Chip
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