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Strategies & Market Trends : The New Economy and its Winners -- Ignore unavailable to you. Want to Upgrade?

To: Mark Fowler who wrote (8739)	9/23/2001 11:04:40 PM
From: techanalyst1	Read Replies (4) \| Respond to of 57684

My data for some reason doesn't go back that far on ndx. I have the naz though and it's trend line from 1990 comes in about the Oct. 98 lows. What can I say if the long trend is broken on the ndx... other than it's a bad sign. The trend has been broken. I can see it's considerably below it's Oct. 98 lows. Dell is down 31% (YIKES!) from the Oct. 98 closing low. Msft is only up 9% from it's close that day. Intel is down slightly. The dow diamond is broken too.... just another ominous sign for the market. GE used to be a proxy for the general economy. It broke it's trend quite some time ago. At first I thought maybe it was just a reaction to honeywell... but it's saying the economy is in trouble.... no duh! Only thing I can say is... imo... the tax relief went to the wrong place. A TEMPORARY corporate tax incentive to SPEND on technology and spend NOW probably would have done better than trying to get consumers to spend and hold us up. They, by the government's calculations were not in bad shape. But then... they are the ones who vote, not corporations. Well... the money has been spent. Now what do we do? Flood more money into the system and continue to cut interest rates? Tell software managers that can't find a job because there aren't any to be found that they can join the army, dig a trench in Alaska if we drill for oil, or sign up for the CIA and live in Afghanistan? I expect a bounce, but have little faith that it's more than a short covering oversold technical rally. But who knows? I do know this... there are MANY stocks that have been in very large trading ranges for years (big ones... like ibm, wmt, ko, pfe). If they break their multi year lows, they are ripe for shorting. Something is likely wrong with them and majorly so... perhaps it's only valuation or due to fund outflows, but if they break those lows, then they'll go down much more and the indexes won't look pretty either. TA