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Strategies & Market Trends : Drillbits & Bottlerockets -- Ignore unavailable to you. Want to Upgrade?

To: Rich1 who wrote (4427)	2/23/2001 3:53:11 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 15481

just sold 1/2 of the QCOM position that I bought this morning. Made 7 1/2pts.

To: Rich1 who wrote (4427)	2/23/2001 8:34:29 PM
From: John Pitera	Read Replies (1) \| Respond to of 15481

Thanks, the 2138 number is calculated as outlined below and It's fairly standard. Elliott and Fib type stuff. We are coming into an area of major support for the much beleaguered NASD. As you can see we have a major uptrend line coming in at about 2150 or so on the long-term semi-log scale chart. We also are approaching a .618 retracement of the entire move from the Oct 1987 crash low of 288.50 on the NASD up to the 3-10-2000 high of 5132.52 on the Nasd. 5132.52 - 288.50 (1987 crash low) =4844.02, now multiply that by .618 and that = 2993.60. 5132.52-2993.60= 2138.91. This is a Major Support Area. Back in July 1998 the NASD 2000 level was a major area or resistance and at the time thought to be very difficult to get through. It should now be seen as a very serious area of support. It's been the same thing since before Xmas piteraperspectives.com