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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (32416)8/11/2000 9:51:18 AM
From: IQBAL LATIF  Read Replies (3) of 50167
 
Core PPI is in line the market presently is negatively reacting to strong retail sales, I would like to interpret this data as positive, yesterday we sold off based on earnings worries, the argument is that slowing economy is going to hurt corporate profits, here we see an economy where inflationary pressures are benign although leading indicators are strong.

Year after year this is the kind of data that has confused the economic trend predictors, low unemployment did not trigger inflation neither would strong retail sales, a productivity driven economy has to show strength in leading indicators without rising prices, falling prices and falling retail sales would put skids under this market..

I feel that 10905 support is a good support on DOW to form a base, I see 3666 as an iterim support that could be touched but overall we may see firmer markets as numbers are properly digested.. Comp 3808 and NDX 3645 are immediate 13 days MA resistance, I would like that these two areas to be taken out.

On SPU 1471-74 is a support or SPX 1455 that should hold if we hold DOW 10900 and 1471-74 on SPU we will see a firmer tone developing even in NDX and Comp..

Two interesting indices are PSE sitting at 13 days MA 1039 and OEX at 25 days support at 799.5, for this trend to continue I would like these supports to be held.
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