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Politics : Idea Of The Day
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To: Jeff Jordan who wrote (31488)5/18/2000 1:28:00 PM
From: IQBAL LATIF  Read Replies (5) of 50167
 
Low volume activity, basing kind of action but look closely at the core techs not the big caps but PMCS JNPR JDSU CMGI kind they all are basing at a higher level. Most probably PSE DOT and IIX may lead if 25 days MA is tkaen out, comp yesterday broke that instead of taking it out, for me until that average starts moving up we have this listless activity.

SPM and OEX are little ahead of the market, I think 1448 area on SPM or your SPX level if it holds will be a good basis for that move in Techs we are anticipating..

I am watching it carefully and expect that market after a .5% increase is concerned about further increases, although upcoming economic data becomes thatm uch important now, if we see some softening and continuity of that rend that we saw since retail sales, PPI CPI we will see market moving forward, hhowever it is absolutely without any doubt that vloatility in case we have stream of storng data would equally hurt the prospects as I don't think that market has built in series of rate hikes at .5% and that is what is taming the markets.. it is all about perception of future interest rate direction, building at 9.5% which the bansk are going to charge on mortgages would undoubtedly slow down the building activity, any way we will have the evidence soon..
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