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To: Jim McMannis who wrote (8954)	9/18/2000 3:52:20 PM
From: chic_hearne	Respond to of 275872

Re: Gold has been a real schmuck lately. Jim, Wait until the US buck collapses and it is shown that inflation is running at more like 15% a year than the crap the BLS reports. Half a TRILLION of imports a year are about to become a lot more expensive. I see AMD heading out on its lows as the worst performer on the SOX again, what's new... chic

To: Jim McMannis who wrote (8954)	9/18/2000 4:03:14 PM
From: Maverick	Read Replies (1) \| Respond to of 275872

Expect a rally frm 3695 Nasdaq support. Time to load up AMD 13:37 ET ****** Chart Watch : The stock market is on the defensive again. In and of itself, this is not an unusual development considering the type of activity that has been seen thus far this month in the Nasdaq Composite. What does spark more interest from a technical perspective is last week's failure to sustain a bounce off the trendline drawn off the May/August lows, recover back through the 200 day simple ma (near 4020) and today's subsequent penetration. This trendline comes into play in the 3825 area today but is rising roughly 10 points per day. The type of action that follows a breach such as this depends to some extent on the strength and length of the move preceding a break. In this case the market is in the midst of an aggressive downtrend and while daily indicators are already oversold, there have been no signs yet that the market is preparing to stage a recovery. The first indication that a period of stabilization is underway will be a rally back through the 3795/3805 area. Failure to accomplish this exposes the next chart support of interest at 3695/3685 with a secondary floor at 3650/3640. A retest of the trendline would be the typical reaction after this leg of the downdraft is completed with the reaction after such a test having longer term implications for the index. An example of such a retest can be seen in the Dow today. In the first half of August the index broke through a trendline off of the January/April highs with strong follow through seen. It failed to take out resistance at the April high and has been on the defensive for the last two weeks slightly penetrating the trendline (10,840). Also of interest for the Dow is the fact that this also marks the 200 day simple moving average. Failure at this barrier exposes a similar trendline as that mentioned above for the Nasdaq except off the March/July lows which comes into play near 10,735 (also rising approximately 10 points per day). -- Jim Schroeder, Briefing.com --