Nasdaq in tatters...

Riz

Experienced member
1,266 5
The Nasdaq Composite -27 to 2,707... the Nasdaq 100 Index -17.68 to 2,603.... a new year low...falling for eight out of the past 10 trading days...48 percent from its peak of 5,132 in March...so where does this leave the next support level? or is it going to crawl up from this point on?

Unfortunately the most optimistic analysts give 2600 as the next support level..while few others talk about many more months to build enough of a base to encourage investing in companies that have been in a freefall..or being negative on the Nasdaq in the short term but believing it is oversold in the intermediate term...

To me it looks like the worst is not over yet..they sure want more blood, the sooner they have it the sooner we can get back to proper investing. but I do expect a technical bounce for it fell for eight out of the past 10 trading days...

What is your opinion on Nas?


[This message has been edited by rizgar (edited 29-11-2000).]

[This message has been edited by rizgar (edited 30-11-2000).]
 

cookie

Active member
248 1
Beware!! - Beware!!

Following warnings from two US blue chips last night Naz is expected to open 100 points down. ??? Another sell-off wave approaches and hopefully the last.

Have studied Naz as you know and IMHO both fundamentally and chartwise we are looking at 2400 as the ultimate target, maybe allowing for a maximum 100 point margin either way. ( I have learnt that chartists always allow a get out clause ). Techmark is expected to mirror.

When this has been reached, as you say - the sooner the better, get your money ready.

I would not buy anything remotely tech related until we have seen expected lows severely tested.

EVEN THOUGH MANY APPEAR CHEAP!!!

Their is a consensus which sees the 11th December as Recovery Date (unqualified).

Take Care


Cookie



------------------
 

traderx

Active member
146 2
Things are getting much worse, NAZ off 160 points and much more worrying DOW off 214 points (18.00 hours) NAZ is breaking one support level after another, now in free-fall. What will be the bottom, 2200? I would not like to call this one. If this selling pressure is maintained could it finally induce panick selling and a CRASH? In actual fact I think we have had a slow crash on NAZ, just nobody has recognised it as such. What do you think?

Tx

[This message has been edited by traderx (edited 30-11-2000).]
 

Riz

Experienced member
1,266 5
Over 2600 with a loss of around 100 will be a good sign of Nas recovery..under 2600 we'll be in trouble..support can go down as low as 2400 then...

tonight we'll get the implications...