Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Steve Lee who started this subject	11/1/2001 10:49:39 AM
From: marginnayan	of 99280

Price Headley dated 11/1/2001 Waiting for Jobs Data Thursday the S&P futures are up 2.80 points, while the Nasdaq futures have gained 8.00 points. News of a settlement between Microsoft (MSFT) and the Bush administration is helping the tech stocks extend yesterday's Nasdaq gains. We expect Thursday's trading to remain choppy, as participants await tomorrow morning's jobs report. We expect non-farm payrolls to drop by a greater-than-expected number, which should lead to short-term disappointment that the economy continues to weaken despite the Fed's best efforts. The churning we saw yesterday, where the Nasdaq was up but the Dow closed lower to reverse early gains, suggests that overhead resistance remains too great at these levels. We expect the market to have greater downside risk once these numbers are reported tomorrow morning. An eventual retest of the September lows is in the cards over the next 4-5 weeks here. Support & Resistance Levels: SUPPORT RESISTANCE Nasdaq Composite 1650 1700 S&P 500 1050 1068, 1075 Dow Industrials 9100, 8950 9250

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