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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?


To: Voltaire who wrote (31642)2/21/2001 11:06:33 PM
From: Dealer  Read Replies (1) | Respond to of 65232
 
To:Joe Hoek who wrote (33170)
From: stan s. Wednesday, Feb 21, 2001 4:03 PM
View Replies (5) | Respond to of 33215

Here's where I think we stand. I started mentioning 2254 at the 'site' as bona fide test point on February 1st or 2nd. That was the OPEN of that bullish engulfing pattern on January 3rd that gave us the January rally. That area is support.
wallstreetmonitor.com

We just tested 2257 before close.

This might be enough....the potential for being a near term bottom is there. If not...the techs are in real danger...minor support at 2086 would almost certainly fail in the coming days, taking us to 1970 or so. The naz really needs to hold 2254 on a closing basis from this point forward.

I'll do an update tonight but I wanted to mention the possibility that this might be a near term bottom.

Good luck everybody!

Stan



To: Voltaire who wrote (31642)2/22/2001 1:50:29 AM
From: stockman_scott  Respond to of 65232
 
a friend emailed this to me this evening....

<<We had 9 recessions the last 50 years and the FEDS were the direct cause by raising rates to much.---GREENSPAN should be held accountable for the damage he has done to the economy...>>

I tend to agree...Maybe its time to abolish the Fed -- their actions seem to exagerate the cycles our economy goes through. Isn't it time for Greenspeak to consider retirement <G>?

Regards,

Scott