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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA -- Ignore unavailable to you. Want to Upgrade?

To: marginmike who wrote (3280)	5/23/2000 11:49:00 PM
From: J.T.	Read Replies (1) \| Respond to of 19219

marginmike, it is incredible the vacuum of buyers - non-existent players ... If BKX breaks BKX 780 - DOW 9,700 intraday is achievable and on deck... Your COMP 2,800 - 3,000 target would correlate to this.. I do not want to see BKX close below BKX 780. Two closes below BKX 780 will send the market to DOW 9,200 intraday test. Good Night Best Regards, J.T.

To: marginmike who wrote (3280)	5/24/2000 4:27:00 AM
From: macavity	Respond to of 19219

mmike i agree with you on this one. i am abroad and cant get my laptop to work so i cannot really trade and get levels and technicals, so i have resorted to lurking. there are no buyers simple. the amount of IPOs that occured from Aug99 to Mar00 was fantastic. I think the rate was of the order of 3 - 5 Bn a week. these companies issued 10 -15% of their stock, and after the 180 day rule they can now get rid of the remainder. there is a massive stock overhang of billions of dollars, there are stock options to go, and everyone who wanted to be long, who wanted in, got their chance over Y2K with the cheap FED cash. everyone wanted in, they are now in, there are no new buyers. my only idea of new buyers would be non-us companies. if the USD holds then the nasdaq has a chance, if it does not GOODBYE MARKET. I agree we have not seen the selling climax, we just saw Quantum cut their long. We need to see the other side to the Y2K meltup. It was a mania, let no-one doubt it, i do not care how world class these companies are/were the Y2K volumes were the exception not the norm. Sep99-Mar00 seemed very like the final upwave, pure distilled speculation, the 5th of the 5th of the 5th wave (or whatever it is that Elliot traders call it). I find it odd how many people are looking at levels to 'get back in'. Sell the rallies before the insiders do! No buyers eh - that is how i think bear markets begin (Nikkei 1989) everyone is long, and there is no-one left to sell to.