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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Lucretius who started this subject6/15/2002 7:59:11 AM
From: Box-By-The-Riviera™  Read Replies (1) of 436258
 
Lewis exerpt:

Once again today (I feel like a broken record this week), we recovered from a steep selloff but still broke to new ground on the downside and managed to end near the lows for the week. New lows accelerated to a new high for the year on the NYSE and back to last Friday’s levels on the NASDAQ, which remains its high in new lows for the year. Thus, the market continues to deteriorate both internally a well as in the major indexes. What will cause this sloppy grind lower to accelerate? I wish I knew, but I don’t think it’s going to happen until it is accompanied by some sort of large break in the dollar. That makes this weekend’s G7 meeting particularly interesting. Currencies are not expected to be discussed, but a lot goes on behind the scenes. We’ll know more about what happened or didn’t happen at the meeting when we see next week’s action. I mention this because this morning’s heavy selling in Europe off of no news whatsoever was particularly peculiar. It was as if the market sensed some extremely bad news in the days ahead. Keep in mind that after this week’s large losses, the German DAX and the UK’s FTSE are almost back to their September lows, while our Dow remains stubbornly some 15 percent above those lows. European markets appear to be aware of something that the US markets are not, and that’s a divergence that must eventually be remedied one way or another.
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