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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: Justa Werkenstiff who wrote (27317)2/5/2002 5:59:37 PM
From: DlphcOracl  Read Replies (1) of 99280
 
The Chips and the Nasdaq

Here is a list of non-telecom chip stocks and chip-makers, showing how much (actually, how LITTLE) they have declined from their post 9/22 bounce highs to closing values.

ADI-12.5% AMAT-5.5% ELNT-16% IDTI-18% IRF-4.8%

KLAC-0.75% NVDA-16% NVLS-9% TXN-12.5%

During this time, the NDX has declined 12.4% from its intraday post-9/22 high of 2098 to today's closing. My point: no way this Nasdaq declined has finished with chips giving back so little of their gains from 9/22. Following these chip stocks to see when (or if) they retrace 38% or 50% of their post-9/22 gains may be useful in determining when Nasdaq is near the end of its decline.
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