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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (35022)11/9/2000 11:37:16 AM
From: Peace  Read Replies (2) of 50167
 
The SPX, DOW, COMP, SOX all took out spring lows last month before we saw a solid turnaround. NDX was the exception. This was my main reason for not feeling confident about the NDX having seen its lows. The important level to watch is 2897 on the NDX which was the spring low. There may be an attempt to take this out. I still feel that the SPX, DOW and the COMP have seen the lows for this cycle. I also feel that this is the last attempt by the bears. If we break 2897, we may go to 2800 or so but not much more because the broader market has seen the lows. Once this last attempt is over (the duration will depend on the election uncertainity) we should see a good run up in to next year. That is my read unltil the market says otherwise.
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