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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: Jdaasoc who wrote (62922)	5/7/2002 1:26:39 PM
From: t2	Read Replies (1) \| Respond to of 99280

Stocks like AOL AMGN and ORCL don't hit 52 W lows today because Greenie words and deeds today with make these lows become historic bottoms. When you look at ORCL, you can see that its PE is not bad; clean accounting too. That is just bad news for this market. There are so many questionable stocks in the Nasdaq supporting far higher PEs and selling future potential to the market. I don't see that the market will accept that pitch anymore. Even if the growth story is reasonable, the risk will be seen as too high. Even with this rally, price of Gold still higher for the day. There is just too much momentum on the downside for it to come to halt so easily. This is short covering (along with some of those going long for a bounce). The real sellers will be there late in the day or even tomorrow.