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Sorry - here's the link !!
To:tradermike_1999 who started this subject
From: tradermike_1999 Sunday, Feb 24, 2002 10:32 AM
Respond to of 15566
I continue to hold the opinion that the market is in an overall downtrend and do not plan on covering my short positions until we see a panic bottom or a break out of the downtrend. Technically the market is weak as the Nasdaq and the S&P 500 continue to make lower highs and lower lows. Until this pattern is broken there is no need to go long on tech stocks. If you do you are just throwing your money away. And if you didn't even look at the charts there are reasons to think that the market will continue to be under pressure. For one thing earnings warnings will begin in March. Secondly, the accounting issue is not going to go away anytime soon. Every week another company gets hit with it. Two weeks ago it was IBM and NVDA. Last week it was Cisco and Computer Associates and a good source tells me that this week it will be Qwest Communications.
It looks to me like the Nasdaq is going to go near the September low. At the beginning of this decline I expressed the hope that the market would bottom at 1650. But it doesn't look like this is going to happen now. We just haven't seen enough fear yet in the market. Now we'll have to see if the September lows hold next month.
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