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To: Captain Jack who wrote (90571)	4/3/2001 5:47:57 PM
From: Elwood P. Dowd	Read Replies (1) \| Respond to of 97611

No Floor in Sight by: skeptically 04/03/01 05:26 pm EDT Msg: 227783 of 227788 biz.yahoo.com Tuesday April 3, 4:29 pm Eastern Time No floor in sight for Nasdaq Composite - technicians By Laura Jacobs CHICAGO, April 3 (Reuters) - The Nasdaq Composite index (^IXIC - news) faces more downside nearterm after the index slid on Tuesday, with chartists saying the gauge remains tightly gripped by the bear market and unlikely to find a floor soon. ``The bears are firmly in control,'' said Hans Kashyap, president of Analytics Research Corp. ``From a technical standpoint the downtrend has not been halted or slowed and the market is following its path of least resistance, especially in the absence of any good buying or good demand for Nasdaq stocks, even at these extremely low levels.'' Kevin O'Brien, short-term technical analyst with Prudential Securities, said the market's anemic technical posture coupled with the stubbornness of stock owners who are unlikely to capitulate yet likely means no halt soon for the down move. ``The five-year uptrend in the Nasdaq Composite cash came in at 1,750 roughly this week. We're at 1,677. Its a weekly chart,'' O'Brien added. ``I have nothing (support) in sight. I'm telling people the Fed's going to do nothing. It's a truly historic bear market.'' In the cash Nasdaq Composite index, which fell some 110 points on Tuesday to close at 1,673, the next support area spans 1,654 to 1,570, ``and you have to go the weekly chart all the way back to December through October of 1997 to find that consolidation support,'' said Paul Cherney, chief market analyst, Standard & Poor's Corp. Kashyap said the break below the swing lows at 1,794 made on the week of March 18 this week projects down to 1,610 followed by 1,570. On a weekly basis, the next key support stands at 1,475, the low made during the week of Aug. 30, 1998. The Nasdaq Composite, which broke below a consolidation support area near 1,715 on Tuesday, would find more support at 1,460, added Cherney. A brief respite to the selling might come from capitulation that cou? Du Du*? to two-day rebound, but market psychology has shifted to bearish thinking where traders sell rallies rather than buy dips. ``There's no fundamental headline that's going to allow people to have confidence in the upside when these companies keep coming out...and guide (e???or a tax write off....why get out now?'' added O'Brien. ``They'll capitulate when they can't stand looking at it years down the road.'' Intermediate-term, the Nasdaq Composite has a ceiling at 1,974, near the most-recent two-week highs, Kashyap said. ``(But) from 1,610 or lower, we could potentially rally as much as 650 points from these downside targets and still not change the larger downtrend,'' Kashyap said. O'Brien expected the Nasdaq Compos De???dditional reporting by Doris Frankel)

To: Captain Jack who wrote (90571)	4/3/2001 5:52:37 PM
From: tonyt	Read Replies (1) \| Respond to of 97611

>tonyt-- you can bet the cuts are coming. 2 or 3 more. Sadly much too slow. agreed, but now the spin will be that this backs up the bad news. >300 today on the dow tells a story. 300 off the dow is nothing --- only a 3% decline. When MSFT finally fesses up, look for a 1k drop. >just heard the 1400 - 1500 nas prediction on cnbc.. same old, same old. when the naz was at 5k, we heard predictions of 6k. >Why anyone is on margin now is a huge question. folks still trying to catch the falling knives!