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Politics : Idea Of The Day
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To: James Strauss who wrote (32434)8/13/2000 10:57:25 PM
From: Peace  Read Replies (1) of 50167
 
Hi Jim,

I agree that the NDX is trying to establish its footing right now. As you pointed out the NYSE looks much healthier. The financials, utililities as well as the bond market has clearly signalled the end of fed rate hikes. I think the market is beginning to think rate cuts for next year. In other words some people are worried about the possibility of a hard landing. This I believe is the reason why buyers have not returned in full force. I think the buyers are waiting to get over with the fed meeting, see some more economic data points and finish their summer vacations before pushing this market with force.

For the time being I think the NDX will work higher and we need to watch the 3780 level that we failed at last week. I do think that if we manage to break this 3800 level, NDX will quickly establish leadership again.

Peace
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