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Date Posted: 10:22:14 04/21/00 Fri
Author: warren
Subject: A repost from SI(fwiw)...

To: stan s. who wrote (99159)
From: stan s. Friday, Apr 21, 2000 11:27 AM ET
Reply # of 99571


A discouraging word about the Nasdaq and volume yesterday. There was a time when low volume drops carried moderate to low significance.
Not the case right now.

Friday was among the 3 lowest volume days of the year. All 3 were down days. The other 2, March 27th and April 10th were the precursors to immediate and catastrophic drops of around 1300 points and then again 1200 points respectively intraday, over the course of a few days in each case.

Does it have to happen again? Of course not, it could simply be the case of holiday desertion of Wall Street. Could it? The Nasdaq is showing attempts to base and will test 3539 support, probably Monday. If it does not hold that point by close we test 3200 IMO.

The weakness of some of the larger stocks here is telling and should not be ignored.

I don't agree that a test of 2850-2900 is a given yet. It's plausible we hold a higher level but until we actually see tangible progress or clear technical breaks to the upside you have to figure this ain't over till it's over.

Caution dictates being ready for all eventualities.

My 2 cents for now. I'll try and post a close up chart late this weekend.

Stan

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