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Strategies & Market Trends : Joe Stocks Trader Talk

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To: Joe Stocks who started this subject	4/3/2002 3:30:41 PM
From: Joe Stocks	Read Replies (1) of 787

Nasdaq slide passes Fibonacci mark ($COMPQ) By Tomi Kilgore The Nasdaq Composite ($COMPQ) is falling 29.17 points, or 1.6 percent, to 1,775.23. The tech-burdened index has now lost 87.39 points, or 4.7 percent since Monday's close. The Nasdaq has now retraced 68 percent of its rally from its Feb. 22 intraday low (1,696.55) to its March 11 high (1,946.23). Some technical analysts feel that retracements of more than 61.8 percent -- a ratio written about by 13th-century Italian mathematician Leonardo di Fibonacci -- is no longer a retracement, but a move in itself. As a result, the Nasdaq is now viewed by Fibonacci watchers to be in a new short-term downtrend. In comparison, the Feb. 22-to-March 11 rally was 62 percent -- roughly equal to the Fibonacci ratio -- of the decline from the Jan. 9 high (2,098.88) to the Feb. 22 low.

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