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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Joan Osland Graffius who wrote (2414)	6/25/2000 11:31:00 AM
From: Rarebird	Read Replies (1) \| Respond to of 33421

<I happen to think these men and women at the Fed know that they can not exact the level of growth it wants, and so be it if we get a recession.> Joan, I don't think the Fed ever desires to bring about negative growth through its monetary tightening. As for the Nasdaq, we abruptly reversed last Thursday at 4073, which came mighty close to the 50% corrective retracement from the April lows. If that was not a nice bear market bounce I don't know what is. The decline that just began has some support at 3400, 3227, 3025, 2900, 2750, 2500 and 2000. Wherever the Nasdaq does bottom, I think the techs will rally strongly and lead the Naz back above 4073 to around the 4400 level before another big decline sets in. I'm looking at all rallies in the Naz here from a Bear Market point of view.