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Whoa!
Hold on there. This is the first significant correction since October of
1998. A 50% retracement of the move since then is in the high 2200s.
I would say some just missed the opportunity to short. Nothing says
crash. NOTHING. I do think the NASDAQ has a load of stocks that are
trading too high but they were really really high in March. Some
of them will continue to correct after the Dow and S&P are moving up
again. Check the monthly chart out. Doesn't that look
reasonable?
<FONT face=Arial color=#0000ff
size=2>
<FONT face=Arial color=#0000ff
size=2>Jimmy
<FONT face=Tahoma
size=2>-----Original Message-----From: Prosper
[mailto:brente@xxxxxxxxxxxx]Sent: Thursday, November 30, 2000 11:55
AMTo: Real TradersSubject: [RT] The economy and James's
commentsAs I write this the market is down 200.
Unless we get a high higher than theMarch highs I will say that we needn't
agrue about the condition of theeconomy, it is weaker than it was. Today
the NAS lost 1/2 of it's value atthe high. That is a crash in my book.
Will the market continue to crash 1929style? I don't know but I'd be very
cautious. One rule I go by is that if Ihave lost about 1/2 of my profits,
get out. James may be right, or not buthe has the right to say it. The
party may be near an end for whateverreasons. After a crash they will
always tell you why it happened, but neverbefore
hand.ProsperTo
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