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I guess I am cautiously optimistic when I look back these 1996 & 1997 sell offs as precedent. The NASDAQ had no obvious accumulation for the 10 days after the 7/16/1996 low. NOK didn't start acting well until 8/8/1996. 8/6/1996 - 8/13/1996 DELL retreated from its highs with three distribution days.
Additionally the NASDAQ posted four distribution days right at the 1997 bottom. 4/9; 4/11; 4/15; 4/16. NOK looked pretty weak until 4/29. The only really heavy volume in the DELL 1997 launch from the 50 day was a day of selling on 4/11 as it retreated from the low volume breakout. http://screencast.com/t/aVhMUshUjRv
I don't know how deep the leadership pool was in April of 1997, but SCHW, INTC and YHOO were looking pretty beaten up.
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