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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Michael Watkins who wrote (46693)	4/16/2000 5:01:00 PM
From: bobby beara	Respond to of 99985

>>>That percentage change chart is a beaut isn't it<<< Michael, yes it is and it reveals a very clear wave count from 1982 on the nasdaq, with wave 3 ending at the 1998 top, i expect the nasdaq to retrace all the back to the top of wave 3, i just don't know how. This whole rally off the 1998 lows has all been on price momentum, totally detached from fundamentals, csco is a great company, but it's fundamentals have not warranted the price increase in the last year and a half, it has risen on "new economy" hype and will return a fairer value. The Bre-x type revelations that have been showing up in stocks like MSTR are just the tip of the iceberg. Stocks with no earnings and recent IPO's of the last couple years are highly risky bets. The bulls think Mobius is vacuous but he is right on and IPO's will be killed as insiders panic sell as their million $ papers asset fortune starts to wither up and die. This is the case for all tech stocks, there is a huge supply of insider selling that hasn't even been unleashed yet. b