ajtj, 3 days is my "own" minimum, I have seen stretches that were longer (the April lows of 2001, the May lows of 2000 and the September lows of 2001 all exceeded five consecutive -1000 plus tics on the naz, the December 2000 and the September 2001 also so extreme in new lows, we do not have that as yet). This is what I believe is required for a major bottom, and since we had a drop of almost 20% from the January highs, I think we will have to term the next bottom a major one. If we get bounces like today, we may stretch this much more, a very dangerous situation, during that last phase, you could see a JNPR going to $6, a BRCD going to $15, a QLGC going to $20 with no way to go, so patience and accepting missing the bottom is more important than playing a hero catching falling knives. The call for the "Hills" yesterday was triggered by some signals that such a murderous phase might be close. The Dow counter trend today (in face of massive DJX put buying yesterday) might make things even nastier once it gets into the 400 Dow point decline type days.
Zeev |
