Cents and Sensibility - Kimberly and Friends' Consortium Message Board

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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium

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To: 2MAR$ who wrote (7309)	6/7/1999 7:53:00 AM
From: Kimberly Lee	of 108040

Good morning, everyone. 2MAR, thanks for the link. I spent some time looking at the Nasdaq chart, which put in a higher low and a higher high this week, reversing back to a short-term uptrend, as non-farm payroll only increases by 11,000, considerably below expectations. This gave the Nasdaq a 74-point to the upside to close the week, which seems excessive as the perception of inflationary pressure remains intact. The CPI report on Friday now becomes the short-termed focus of harbinger for the FOMC action later in the month. We can examine this nascent uptrend a little closer: a recent low of 2341, a move to 2470, a pullback above the 2341 level that stops at 2364 and a subsequent move above 2470 to 2478. We could get a pullback to 2367 and this uptrend would still be intact. So, the market tone has improved, but I would wait until Nasdaq pullback to the 2375 area for serious bottomfishing.

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