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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: lee kramer who wrote (113653)	9/10/2000 12:06:17 PM
From: puborectalis	Respond to of 120523

some good news....OPEC AGREES TO BOOST PRODUCT 3% TO 800,000 BARRELS A DAY

To: lee kramer who wrote (113653)	9/15/2000 12:51:08 AM
From: Susan G	Respond to of 120523

Interesting take on Thursday's market action... I love the writer's sense of humor <g> 9/14/00 Investment House Daily What was a great day in technology was tarnished by an analyst short the market - Great economic news furthers a tech rally, but . . . - . . . a Late day negative 'analyst' comments almost torpedoes the Nasdaq and does succeed in killing individual stock rallies. Things were cruising today on the Nasdaq as good economic news opened the index up out of the gates and allowed it to reach upwards of a 90-point gain. Right after lunch it had given back about half the gains, but was stepping back up making higher highs and higher lows. Looked as if the index was going to climb up the ladder to the close. * Then CNBC interviewed Ralph Bloch of Raymond James. We thought something was up when Mr. Bloch responded to the very first question about the market's condition with a statement that he had moved to North Carolina because it was cooler; apparently Mr. Bloch was trying to make it appear that the very negative comments he was about to unload were just casual observations. Man, we have seen more cheer and mirth at candlelight vigils than what Mr. Bloch showed. * Basically, Mr. Bloch stated there was no hope for the markets. The Nasdaq and Dow were divergent again, and that just would not do (ignoring that the Nasdaq outran the Dow all last fall, winter and spring before trouble hit). Moreover, everyone could see the double top on the Nasdaq (remember what we said about one man's double top being another's ascending wedge/triangle?). If the Nasdaq closed below 3700, best to sell everything because there was no support and the Nasdaq was heading way down. * Man. Hard to be happy after that. Never mind the obvious bias, the markets tanked. Good runs for the day were trashed. The Nasdaq plunged downward immediately, and almost went negative before salvaging some gains in the last 10 minutes. * Two things to take from this. First, every time this market tries to start crawling out of the bear, the shorts come out. July was rallying, so the shorts attacked the strongest sector. After the market refused to roll over and rose in August, the analysts again attacked the semiconductors after Labor Day. The market would not die. When it bounced off of support as expected on Wednesday, that brought the shorts out again to try and talk the market down. Problem is, the commentators took it as gospel on the financial talk shows, repeating it over and over. That brings us to the second point. Investors listen too much to this self-serving commentary. These commentators have their own motivations for what they say, and they will look at the charts the way that fits their motives. Mr. Bloch's statements were planned and calculated. Over the past five months, the Nasdaq is making higher lows and rising on stronger volume. That is positive. That shows that it is building support below for a break over that resistance. May not make it this time as we said earlier, but does that mean you just go to cash and walk around crossing yourself? Of course not. From Mr. Bloch's perspective, however, we might as well all sell out now and avoid the Christmas rush. * Now no one man is bigger than the market, but one sure did put a dent in it today, doing his best to blunt this next leg up before it got on track. We had some great news after hours as the leaders started reporting super, super earnings. If that combined with the lack of inflation does not give the markets some resolve, guess we will have to take up the 'end is near' sign with Mr. Bloch. Oh boy.