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Technology Stocks : JDS Uniphase (JDSU) -- Ignore unavailable to you. Want to Upgrade?

To: t2 who wrote (14180)	11/12/2000 11:23:54 PM
From: Hank Stamper	Read Replies (1) \| Respond to of 24042

t2, I agree that the election (non)results is responsible for a large portion of the sell-off in recent days. It felt to me like Dell's results just got overwhelmed. But there was only one election and many Dells. There will be many more before the history of this market is written. The market has been selling off for 7 or 8 months now. Just what one would expect with the Fed boosting interest rates. We still have four or five interest rate hikes to work through the system--this is the beginning of a profit recession. The process of multiple (p/e) erosion will continue until we get to or, most likely, below historical norms. There will be counter-trend rallies. I think we may very well be at an interim low or, very close. The close on Friday was within a gnat's tooth of the October 12 low and most of the internals on Friday were okay. Could that be a confirmation-retest of the October 12 low? If so, the history of these bear market rallies is they retrace about 50% of what got clipped. My opinion: the rally top would be a good time to take profits for a person who is trading the rally. It would also be another opportunity for long term longs to sell into strenght and avoid the next leg down. I realise this perspective is not particularly popular. With respect, David Todtman