Forum Archive Index - February 2000

[brendon peters <bndpeters@postmark.net>]

I suspect that we will be seeing a lot of profit-taking on our local
tech stocks tomorrow (Sorry Ben Dutton, I think even ITC can expect a
few problems tomorrow)if the following excerpt from a Reuters report
is anything to go
by:
_____________________________________________________________________
_ 
Dow index in correction zone, Nasdaq also slides

"The Nasdaq dropped 2.0 percent yesterday as investors, tired of
Nasdaq stocks, began to take profits, and dealt a blow to the market's
strongest sector.
 "You are seeing profit-taking in the high techs," said Alfred
Goldman, technical analyst at A.G.Edwards and Sons in St. Louis. 
 "The question is whether it is going to last a couple of days or a
couple of weeks," he
said.
_____________________________________________________________________
_

I have noticed for a while now a familiar pattern each Monday on the
New Zealand stock market, where the events on Wall Street (over the
weekend) seem to dictate the actions of investors. I suspect there
will once again be lots of selling...and little buying tomorrow.

Any views?

Brendon



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