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Strategies & Market Trends : Complacency Indexes

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To: Monty Lenard who wrote (1153)	5/2/2002 10:39:33 PM
From: TechTrader42	Read Replies (1) of 1487

It broke through the 50, of course, so that'll be the next stop -- the 200. With the three mountain top pattern and all, it might be a short-lived bounce. 19.50 is the support level in the weekly chart. It has a P/E of 127, but of course P/E's don't matter. The Sept. low is 13.2. Even then, its P/E would be high. Look on the monthly chart, and you'll see that it could easily head into the 5s. 5.39 was the low of Oct. '98. Note on the monthly chart the H&S pattern. Price is now drifting along in the right shoulder. If it plunged below it, the '98 lows seem within the realm of possibility. I don't think a lot of people realize how overbought the market was during the bubble. Look at 2000 periods in AMAT's daily chart in QP2 and one can get an idea. The new primary bull market, ya know. Right.

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