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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: stan s. who wrote (97096)	4/14/2000 6:07:00 PM
From: stan s.	Read Replies (1) \| Respond to of 108040

sobering thoughts >>>Steve Porter, North American equity and stock index analyst at Elliott Wave International, said the Nasdaq composite was testing key support at 3,335.00 to 3,230.00, which represents two sets of Fibonacci retracements and a major upward sloping trendline drawn off the October 1998 lows. ``If we take those levels out, it is going to signal a lasting and important peak. If they can't rally the troops at that level in the Nasdaq, then just kiss it goodbye,' Porter said. ``For me on the Dow, I officially turned bearish when the Dow made a marginal new high on Wednesday and then reversed,' he added. "That was enough to me from an Elliott Wave perspective that I can count an important and lasting top is in place for the Big Board averages. The action that we have seen over the past couple of days is pretty well confirming that, and I think the run-up in stocks is pretty much done. ``I have to realistically say that the damage we are seeing now is too much damage to come back from,' Porter said. Porter also expressed concern that margin calls on Monday will start next week off with an even more negative tone.<<<