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Strategies & Market Trends : Zeev's Turnips - No Politics
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To: t2 who wrote (28809)2/8/2002 5:40:18 PM
From: LTK007  Read Replies (2) of 99280
 
<<Unlike telecommunication, storage may still be an area of growth...need to store more and more data. The street may just buy that story for now. Might be better off coming back later as the market has already sold off quite a bit.>> two comments--one,yes storage has a story at a time when near nothing else does so funds out scarcity of stories jam the SANS.But this Green day is perfect for this downtrend ,gets the oversold relaxed and gets ready for next leg down,and likely last down move for this present downtrend,imo.
The last leg would be signaled by the strongest sector breaking down---the old rule the strongest are the last to crack and the first to rally a good one.
If this close was on a Thursday it would have had more meaning,but as it was a Friday,it had the classic look of shorts covering for the weekend,plus volume was lower than previous 3-days.
The accounting story will ebb and flow but will not go away for a loooong time,as much is still hidden under the rug that will be seeing the ugly light of day,in due time.
I still think the dot.com scandal is yet to break out,i watched Frontline show on this last week---believe me what went on is as crooked as it can get---the brokerages were falling over each other to get totally worthless companies(some didn't even have an office yet) out as IPO's(praise them wildly) and then sell all their cheap cheap shares rightaway to the totally greed possessed public---the brokers were ALL working pump and dump to the extreme and lying relentlessly--they make Tokyo Joe almost seem honest--really:)(and that is hard to do)
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