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Politics : Idea Of The Day

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To: Peace who wrote (32323)	7/26/2000 5:30:39 PM
From: Peace	Read Replies (2) of 50167

Today's action in the market was worrisome. Dow & spx both closed at the lows of the day and NYSE volume topped 1.1 billion shares. Nasdaq volume was heavy too although the ndx staged a recovery and managed to close above 50 day moving average. We clearly had a distribution day. New lows outpaced new highs by three times on the nasdaq. The dow is dangerously close to breaking down. We need more than a bounce. If the ECI and GDP numbers cannot pull us out we may have to take out the spring lows before we can mount any significant rally. The numbers to watch are 10300 on the dow, 1340 on spx and 3600 on the ndx. <g> The ECI is the more important of the two numbers so we shall see how tomorrow shapes up.

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