re: General Market Commentary... Well, although the Globex Futures are trading off very modestly (a couple of points) tonight, I would expect the market to want to bounce here (sometime Mo or Tu)... remember, the powers that be did most of the damage Friday early when they marked the whole thing (S&P's and Stocks) down excessively at the open... the market responded by recovering most of the gap. The market rollover late in the day probably had more to do with expiration, than true sentiment (clues: the Bonds rallied into their close; and the techs weren't that weak)... Greenspan's comment boiled down to a repeat of his 30-year old, oft-repeated cautious attitude toward stocks as an investment. If you take that PPI number apart it's mostly tobacco... now we DO need a cooperative CPI number this TUES to head back up. Lots of hot IPO's on the burner this week. The best clue of all? EVERYONE says we're going down for the count, the end is near, etc... perma-bears reappear on CNBC... statistically, that crowd provides an excellent contrary indication -- their timing is attrocious -- (have you been "Garzarali'd" lately?)
I do agree with Alan's astute observation though, that there are just too many hearts for the market to break below 10,000... so it will surely go down there in any way possible, perhaps after a bounce (it will take a catalyst to get there). Maybe tomorrow? Or surely if we get a hot CPI. No one really knows, all you can do is speculate in an informed fashion. -Steve |
