If buyers still don't step up at 3494, the Nasdaq could easily find itself falling further, perhaps to 2,800. But even if the Nasdaq finds a bottom before things get that nasty, Jim Grefenstette, senior portfolio manager at Federated Investors, doesn't expect a rally overnight. The selling could drag on for months and months, Credit Suisse First Boston strategist Christine Callies advised clients in a note early this week. Many people who believed in the stocks and bought with borrowed money won't have the resources to buy on this dip or any other dip. That was started in 1991 to 1993.
Individual investors say they're remaining calm.
Karthik Krishnan, a telecommunications worker in Piscataway, N.J., says the shakeout in tech stocks represents a welcome change. What happened in the last couple of years was utopia. Some of Krishnan's tech stocks have dropped in value in recent weeks, but he says he's still way ahead. I can live with that. Some even say the Nasdaq needed to blow off some steam.