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Technology Stocks : copper mountain CMTN -- Ignore unavailable to you. Want to Upgrade?

To: Rarebird who wrote (981)	9/30/2000 10:12:45 AM
From: Probart	Read Replies (1) \| Respond to of 1226

One DSL take...a good one. Message 14478180

To: Rarebird who wrote (981)	10/4/2000 12:28:40 AM
From: P314159d	Read Replies (1) \| Respond to of 1226

It starts with the blowoff top we had from 1998 to 2000. That marks a rally worth retracing. 1390 to 5080 intraday. You can quibble about some numbers but the focus is on the area of support and resistance. I assume you understand how the Fibonaccis work from technical analysis. First number, second etc. From the move 1998 to 2000, we have numbers: 1: 4220 2: 3560 3: 3140 4: 2720 Each represents an approximation of the fibonacci retracement from 1998 to 2000: 23.4%, 38.6%, 50%, 61.4%. First number represents the initial pullback and ultimate resistance going back up ( I am speaking in Bear mkt terms, here). NAZ never really settled on this number but moved quickly to level 2 (bad deal). But did have 2 failures this summer at that level 1 (bad deal^2) Mkt has already seen level 3 after its snap back rally to around 4000 and renewed failure to 3100 area in May. After jumping back up to the top area ( a good sign) from 3100 with little pause at 35xx, things look good. Next the market came back to 35xx area in a retrace to the level 2, which is Ok, even expected. The next move should get us up to level 1 again--4280 is where we reached-- and it has since come back down. Past level 2 and probably set for level 3. Too far. Today. We ultimately revisit the lower number, level 4 after a fight around 3100 to 3500. Fibs. often retrace to 61.4 and lately, I see so many stocks doing the next level at 76.4% and still recovering. While I like a battle between 3100 up to 3600, I can see a good chance of ultimate breakdown again (next year?). Maybe quick or slow death. I expect a good rally soon, since oversold is the word. I sit on the sidelines until I see better picture, but keep those QQQs one more day