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Technology Stocks : All About Sun Microsystems -- Ignore unavailable to you. Want to Upgrade?

To: High-Tech East who wrote (42438)	3/27/2001 2:46:21 PM
From: chic_hearne	Read Replies (2) \| Respond to of 64865

... however, I have not seen another situation where the commercials were as short the S&Ps as they were last June and July ... AND YET they have gotten progressively more short almost every week since then (except for the last two weeks) ... so despite the fact that the S&P 500 Index (which, you must know, is closely aligned with the S&P futures) has corrected 24% plus (as of yesterday) in the last 12 months, the bottom is not nearly in sight ... This tells me they were scared. But once it was clear the mania had really ended back in june/july is when the more conservative commercials turned to believers. Also, given that they haven't let up yet, I think things are headed much lower, far lower than you're numbers. If the topping process accounted for a 20% range in the Spoo, maybe the bottom is another 20% with another 20-30% in the middle as it rolls over. My targets are 500-700 for the Naz. If the Naz can hold 1140, it will stay bullish from a long term perspective starting in 1972 [by the way, you get a good idea of how out of control the Naz was when it can lose 80% of its value but still stay above a bullish trendline]. Possibly this line at 1140 holds, I'll be keeping an eye on it. For the DOW, I'm thinking 5K, maybe worse. The Spoo, maybe 500-600. JMHO's (by the way, these are the same targets I've mentioned going back many many months) chic