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Technology Stocks : JDS Uniphase (JDSU) -- Ignore unavailable to you. Want to Upgrade?

To: MileHigh who wrote (4120)	1/9/2000 11:44:00 AM
From: Guy Gordon	Read Replies (4) \| Respond to of 24042

Neither QCOM nor JDSU came all the way down to their 26-day Moving Averages, so it wasn't much of a correction for them. It wouldn't surprise me at all if we see them come back down and test those numbers. Especially QCOM, since its high on Friday is still lower than the high on Thursday -- so it really hasn't broken the downward correction yet. I'm not sure exactly what to make of this three-day "correction" in the Nasdaq. It was very steep, but not too deep. My best guess is that there are a lot of nervous traders sitting with their fingers on the "sell" button. But there are also a lot of people with money on the sideline waiting to get in at a good price. The sellers bailed, and panicked for three days. The buyers wanted in so badly they couldn't wait for a real correction, and started buying too soon. (I was buying on margin Thursday & Friday.) So it's off to the races again. This so-called correction proved that the buyers are there. I don't think we'll see much of a second test of the bottom. (I could be wrong, though.)