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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Terry Whitman who wrote (4716)	9/27/2001 2:56:46 PM
From: John Pitera	Respond to of 33421

Hi Terry, tankers are down with the price of crude as well as the market moving down hard. NAT and VLCCF have longer term contracts for there ships TK I'm not sure about. They could be interesting values...the yields are certainly high enough. John

To: Terry Whitman who wrote (4716)	9/27/2001 3:12:33 PM
From: John Pitera	Read Replies (2) \| Respond to of 33421

Terry, I'm thinking that we're making a "W" bottom on the NASD at the moment. both the NASD and SPX went back to the neighborhood of their Oct 1998 lows and The SPX has been holding up nicely since, it's low of last Friday. The Banks and Brokerage Indexes (BKX and XBD) have been holding up extremely well and trading very "dry"...just a total lack of sellers it seems. when I look at about 50 stocks like JNPR, BRCD, BRCM, NTAP, CIEN, CHKP, AMD, etc and many more they all have made new lows today, and it makes sense that the former mo mo stocks are getting pounded once again even if we're holding above the lows of last friday. what else can the market do with former high fliers but POUND THEM, that seems like it's become really ingrained in this market. Also in talking to and reading notes from the Jewish traders, and hedge fund guys, several of them sold stocks prior to Yom Kippur, when they would have rather kept them, but they could not keep the risk on the books when they are not around. Todd Harrison of Cramer Berkowitz, was talking along these lines. The technical action in the credit markets is adding additional evidence, as I see it, that we're making this double bottom in the Nasd. And when you think about it with the SPX holding nicely above it's lows of last friday, just about no one is saying....."ya that was the bottom last week" not the past few days as far as I can see. looking at the intraday pattern on the NASD and NDX, they both look almost exactly like they did after the Jan 4th 2001 between meeting FED cut. The market has a very strong rally for a day and a half and then drifited back down to so that almost all of the gains were erased. The Market then started to rally in earnest, I believe we'll see this happen again now. It's too bad that it's not Oct already, but it will be after tomorrow, so maybe I'm a bit early on this or else we may have to slop around another few days. with tomorrow being the end of the Q ...the mutual fund guys are not going to be running to put the names of the dogs at 52 week lows on their sheets...but next week they may be willing to take some risk on the downtroden. anyway that's my thinking, and I thought I pass it along. John