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

To: Bill Harmond who wrote (11284)	5/3/2002 10:09:15 PM
From: techanalyst1	Read Replies (2) \| Respond to of 57684

Well nothing goes straight down even if we are headed much lower, which I don't know that we are. I think that if we do go down, we'll get a buy program around 1054 on the sp and msft would be pretty oversold if it were to get to the Sept lows and that might help a technical short covering rally. BUT........ I have been wondering what is wrong with msft. It was unable to rally to the pre wtc close after earnings this quarter (even though they did make an attempt the day after earnings) and today it actually closed lower than it's closed since January '01 (closing low in Sept was 49.71). For that reason, I'm not so certain that even if msft does rally from here or the Sept. lows that THE bottom is in on it and that's a pretty big weight on every index. Plus.... intc looks like it has plenty of room to fall (although it's pretty close to short term support as well), so.......... I wouldn't be surprised if a short covering rally doesn't hold on the indexes. What is going to help? I don't know. If this selling spreads to the old econ, what stops it? I don't know. More important is "why"? Options accounting worrying people that techs are going to have to significantly lower earnings? The dollar dropping and foreigners pulling out? Just an absence of buyers? I've noticed that there aren't many "pound the table.... buy this tech stock" calls any more. Maybe the analysts are afraid of the SEC and absence the hype, the techs get no buyers???? ?????? TA