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Strategies & Market Trends : Bill Wexler's Profits of DOOM -- Ignore unavailable to you. Want to Upgrade?

To: Pancho Villa who wrote (3475)	10/14/1998 11:40:00 AM
From: Graeme Smith	Respond to of 4634

Pancho, I think your right that we've rebounded a bit too much. In 2 1/2 days (from the intraday low) Nasdaq recovered about 12%. Thats suppose to be an average years worth of gains. Even the Dow has only dropped about a 1000, from a channel around 9000 to a channel around 8000 over the past 3 month correction. The drop below 1400 on the Nasdaq was the panic needed to get the final sellers of that wave out of the way. I think Nasdaq may hold for the earnings period, but ulimately I think we will be seeing lower highs on each surge of the Nasdaq. We had a peak of just over 2000, then a mini peak at 1850, then the last peak at 1750. After the 12% surge I've now gone back to a market neutral portfolio. I think theres to much risk betting either way. Graeme