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To: Czechsinthemail who wrote (8412)	9/11/2000 3:30:44 PM
From: DJBEINO	Respond to of 9582

10:14 ET Fed's McTeer Speaks : According to wire reports, Dallas Fed President McTeer says that the stock market is much less of a bubble now; seeing some improvement in the market as a result. Note that McTeer has been one of the most dovish Fed officials, having frequently adopted new economy arguments. +++++++++++++++++= Nasdaq/Fed Fulfilled : It may seen a bit odd making a reference to the Fed given that they have not had a meeting in nearly 3 weeks, are not meeting again for another 3 weeks and are widely perceived to be on the sidelines at least until next year. The reason for the mention, however, is that the Nasdaq has fulfilled a pattern this morning that was referred to in a stock brief after the last Fed meeting. In the brief we looked for potential patterns that had developed during the tightening cycle that began in June 1999. The most consistent pattern is that the market will stage a reversal of each of the initial moves, whether up or down. The average size of the initial move is typically 7.2%, or 284 points in this case, from the close on the day of the meeting (3958) and is usually reached within 5/6 sessions. The target is this case was 4242 by August 30 which was exceeded by just 17 points and 2 days at the Sept 01 high (4259). Within roughly 11 sessions from the meeting (Sept 7) the index would then be expected to more than reverse the entire initial move. The average time period for the reversal was again exceeded by 2 days but the pattern was fulfilled during the early session slide today. The average for the reversal has now been completed, the Nasdaq has pushed off the early low near the 50% retracement off the August 11 low at 3905 and at the same time held above the trendline off of the late March/July highs (3890). However, there are still concerns that the slide has yet to be completed. The first worry is that the rebound for the index was firmly rejected by the 200 day simple ma at 4011 and second that the daily indicators are still heading firmly lower. While the technical condition is mixed to weak, we have important levels to focus on for indications of a potential turn. A sustained breach of the 200 day is key on a rally from current levels. A failure and a move to a new low will meet a solid support in the 3890 area (retrace and above trendline). Short term at least a temporary bounce would be expected it this this floor is tested and longer term it is expected to provide an important indication of the underlying health of the market.-- Jim Schroeder, Briefing.com --