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Politics : Idea Of The Day -- Ignore unavailable to you. Want to Upgrade?

To: megazoo who wrote (31272)	4/22/2000 11:28:00 PM
From: edward miller	Respond to of 50167

Very simplistic argument. This time the selling pressure was intense - beyond anything seen since 1998 (and then AG lowered rates to help turn things around). The reason for the retest is that the selling pressure and all the technical indicators point to more selling. Those tiny, mostly intraday "corrections" were nothing like this. Of course this does not include the fact that people are finally waking up to the overvaluation story. This makes smart people think about buying before jumping in.

To: megazoo who wrote (31272)	4/24/2000 12:01:00 PM
From: James Strauss	Read Replies (1) \| Respond to of 50167

SXB: I'm usually a contrarian but I don't think we've seen the bottom yet... While individual stocks can have V bottoms it is rare for an index to have one... There is usually a testing of the waters after panic selling... This results in a short term rally that is sold into by disbelievers... That gives us the retest of the bottom... I believe that's what's happening now... Also, the possibility of a Microsoft split up by the same people that brought us the plan to save Elian has got the market concerned... We might have to see MSFT successfully test the 44.00 area before the Nasdaq calms down... BTW... In Oct 1998 we did have a V bottom for the Nasdaq... It was about 18% below its 200 day MA... Today, that would mean a test of the 3000 - 3050 area... Jim