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05/28/01 "What a Difference A Year Makes!"
Happy Memorial Day!

Well here we are… Memorial Day weekend. Last year at this time the NASDAQ had dropped 60 days ahead of Memorial Day 2000. It hit a year low of 3042.00, and had begun a run that would see it go up 40% by August 2000. This year, it appears that things are reversed. The NASDAQ already has made that 40% run. Instead of buying up the index big after Memorial Day 2001, could this mean that they SELL IT?

The NASDAQ's year 2001 high is 2892.00. Its low is 1619.00. That means a 50% retrace is 2255.00. The NASDAQ closed under that level on Friday at 2252.00. The key now is a 61.8% retracement - meaning any close under 2105.00 on the NASDAQ, and it should free fall back to 1868.00 area, and could very well break it! What it all could mean is that the next time the NASDAQ closes under 2105.00 it may not stop until it hits 1619.00 again.

New homes sales are way down, interest rates are way low in cycle, and unemployment at 20-year highs. The economy is in big trouble. Bigticket items have already been affected. If consumers won't buy houses with some of the lowest interest rates in decades, then things are much worse than we thought. MORE

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