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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Tom Pulley who wrote (83281)	7/5/2002 3:21:03 PM
From: Patrice Gigahurtz	Respond to of 99985

Tom, et al: That was some short covering rally today. Looks like this could be like the short covering that followed the last time the Naz was in the low 1400 area following 9/11, that short covering rally went all the way to early Jan2002. I was listening to the radio the other day and a woman called in to say she unloaded her entire Intel position on Tuesday. The radio guy said to not buy anew as the market for chips was soft. Now its up $2ish since she sold, so panic selling is about as foolish as panic buying. I doubt we will see general public panic buying again like we did in 1999 but at some point the shorts will want to take this market down again but for now the longs have the upper hand and next week I think JNPR reports and thats an important conf call as far as what the Naz does next week. If JNPR, CSCO-Chambers, SUNW, and EMC report anything near positive guidance look out 1700/Naz. BTW: I looked back to March 1st 1997 and the Naz back then was at 1309 ! The S+P was at 790 and the DOW 6877, so the S+P and DOW performances followed bonds these past 5 years but the poor Naz has been tad over break-even. Thanks