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Strategies & Market Trends : Market Direction Predictions and BS guesses -- Ignore unavailable to you. Want to Upgrade?

To: the Chief who wrote (104)	5/24/2000 9:11:00 AM
From: Dan Hamilton	Respond to of 234

Good thread Chief! I still have trouble believing we are going to go anywhere but sideways (at best) for the next few months with more interest rate increases coming.

To: the Chief who wrote (104)	5/24/2000 9:29:00 AM
From: AllansAlias	Respond to of 234

Chief, I think the volume is one angle and it may define some sort of short-term rally point, but it strikes me that we are only just biting into the bubble. We are very near wiping out the blow-off top that started with a gap up on Oct 29th. This ~2900 level coincides with a strong TL that goes back to March of 1999. Although I am wont to go with the crowd, this does strike me as a reasonable intermediate bottom. Aside from this price action and your volume theory, there are other ways to look at this exuberance such as NASDAQ P/E. This is just mental and has to come back to earth at some point. NASDAQ P/E's took off to lala land in 1997 from an outrageous 50 to a nosebleed high of 245. We have a long way to go to get them down to believable levels. THe S&P500 is less extreme but still UFB. Having said all that, I will be glad to trade any rallies we get in the meantime. Buy indexes/index shares on the way up. If the rally really gets legs, buy more puts at the top. All MO and it's working for me. Cheers --Allan