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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (888)	4/11/2000 11:09:00 AM
From: Chip McVickar	Read Replies (1) \| Respond to of 33421

Very Nice GZ, Absolutely....., those are "M" variations. Just'a hell-of-a-lot faster. <<chuckle>> On the SPX the second shoulder has formed correctly. If you give the market it's excess and use 1474.63 SPX as the middle of the "M" that would be the breakout line. On the DOW, the second shoulder is not formed properly for a classic "M", but still....? Chip

To: GROUND ZERO™ who wrote (888)	4/11/2000 11:34:00 AM
From: John Pitera	Read Replies (1) \| Respond to of 33421

GZ, so this means that the fun is just starting to the downside?? here is some appropriately bearish commentary. I think that Roque is Probably right. ------------------ Until they can absorb or embrace some good news, I think technology in general is going to underperform,? says JOHN ROQUE of ARNHOLD AND S. BLEICHROEDER. He points out that the NASDAQ ?continues to record more new lows than new highs and since ?96, when this has happened the NASDAQ hasn?t bottomed until the range between it and its 200-day moving average has narrowed [from what it is now]. ? I?m going to say it?s probably going to get pretty close to touching it?s 200-day moving average. Until that happens, I think the correction is going to continue and I?m looking for it go through the second quarter.? (CNBC "Street Signs", 4/10) ?I think the NASDAQ bounced off its lows very quickly and on declining volume,? says DAVID BEARD of MORGENS WATERFALL VINTIADIS. ?Usually when that happens, you'll see a retest of the lows. So the NASDAQ will probably go to 3,800 or 4,000 before people really get settled out.? (CNN "Moneyline" 4/11) "Could the NASDAQ go back to 3,900 or so?" asks KENNETH SHEINBERG of S.G. COWEN. "That could be done fairly easily. The rally off the intraday lows last week was kind of a bear trap." He adds: "The rotation into drugs, bank stocks and other sectors is good and you need more of it. The high value technology names, be they biotechnology or real technology, need to come down and stay down for a while. If that happens and the rotation continues, we will have a pretty good market." (The New York Times, 4/11) ?It's kind of interesting to put April 4th into perspective to history, to say that it actually wasn't a panic day, number one,? says GAIL DUDACK of WARBURG DILLON READ. ?Number two, I think the reason that there's some risk out there that we may have [further downside] is that you did see a lot of margin calls in the last couple of weeks. That's the kind of backdrop that sets the tone for that kind of a day and I don't think that we're out of the woods yet.? (CNN "Moneyline