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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (28039)	8/9/1999 11:31:00 AM
From: Jeff Jordan	Read Replies (2) of 50167

The most important thing in this market is that huge market cap is trapped in very few core group of the S&P 500. Until that core breaks significant correction is not possible. I am working on my short term pattern and expect that a break of 508 on DOT will take the DOT to the first resistance of 525. On the test of 453 I think that 480 can be tested when and if 1282 will be tested however trading is about short term goals and today my objectives are to short below 1297 and cover at 1277 or on the way up to 1306. Ike, I agree...I've been watching....LU MSFT IBM INTC for weeks...even PFE this has added to my bearish stance...let alone..AOL CMGI EXDS INKT I am still not encouraged by today's sideways movement...I still expect a downward drift...uncertainty always wins out...I truly believe once the 25pt rate hike is behind us the market can search for good news and then we will move up strong...in all our cherished stocks....the great rebounds on 20% moves...when to commit is always the question? A lot of people will be watching CBS news tonight w/ their story on daytraders...we knew it was coming... Best, Jeff

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