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Strategies & Market Trends : gem-x's incredibly accurate Elliott Wave forecasts. -- Ignore unavailable to you. Want to Upgrade?

To: bobby beara who wrote (1029)	8/29/2001 12:22:00 AM
From: mishedlo	Respond to of 2290

BB - my call was top at 2500 or if total insanity prevailed 2900-3200. Others have called for as much as 3500 or so, even Z I believe, but I hate quoting him as he does not like it. I still have no idea where THE bottom is. It could be retest of April low but I doubt it. 1000-1200 would be about right on a PE basis I would suspect. More than likely IMHO 1) We never retest that low 2) We fall thru it like a hot knife thru butter This market is insanely overvalued but I can easily envision 300 point rally if CSCO really does have an uptick in business. This 300 point rally will happen ...... BUT ...... The question is where does that rally start. I do not think it starts or will get far unless we wash out. The $sox is overbought still but the Naz is bordering on Oversold. Since the SOX is leading the way, I would think we have more down. BUT P/C ratio was high today and this is EOM window dressing. If there is any good news we could rally hard tomorrow. If there is bad news, EOM window dressing goes out the door, and we can fall much much lower. I hate this market. M