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To: donald sew who wrote (23388)	5/24/2000 7:32:00 AM
From: Lee Lichterman III	Read Replies (1) \| Respond to of 42787

Don, >>What really bothers me about the NAZ 2900-3000 bottom, besides so many being in agreement, is that there is still NO strong sign of fear/capitulation. << I was laying in bed last night and was making a mental note to myself to post the same thing when I got up this morning, Something kept bugging me all night about my charts and I didn't put my finger on it until I was just about asleep. I saw no volume spikes last night in the charts. All the volume was normal to even lighter than normal. We need to have a cleansing for a longer term bottom. Therefore I think the odds favor lower prices sometime down the road, but when? This cycle, next cycle down? Like you say, so many are looking for 2900, is my 2500 fork going to be the right one to scare the crowd when 2900 fails? Don't know but I'll be watching. Still might dip in here soon though for a scalp. I will buy farther out than I originally planned though since things are still a bit muddy. Futures are up over 3 points into buy territory and it isn't even Fed flood the market with cash time unless they set the alarm clock early this morning. -ggg- Good Luck, Lee

To: donald sew who wrote (23388)	5/24/2000 10:55:00 AM
From: pater tenebrarum	Read Replies (2) \| Respond to of 42787

Hi Don, you are right, the absence of fear upon the NAZ breaking to new lows is indeed remarkable. my guess is that this complacency stems precisely from the fact that there's such a broad consensus on where the bottom will be. in addition to the put/call ratios and the VIX which you mention, there's the Rydex ratio which is far from oversold. in fact it is near overbought levels. also the short interest ratio on the NAZ is at 1,5%. previous bottoms during the '90's coincided with short interest ratios between 2,8 and 3,2%. regards, hb