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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (5256)11/14/2000 5:11:23 PM
From: David Lee Smith  Read Replies (2) of 19219
 
The melt-up looks like it occurred. I read the judges opinion and it looks wide open for further litigation if the Secretary of State makes a decision without a full recount of the vote. The Judge says she must take into account all facts and circumstances and cannot make an arbitrary decision. The Florida statues state the she MAY disregard votes received after today's deadline, rather than she SHALL. The judge explains that this gives the secretary of state the discretion only if there are solid grounds. The judge further goes on to state that the intent of the law was not to preclude a manual recount. I think the melt-up was premature and will prove to be nothing more than a sucker's rally. I updated the MomentuMonkey Indicator this afternoon after today's close and it is still NEUTRAL. Target price for the S&P is 1362 down 1.5% from this afternoon's close. Both Momentum and Valuation are NEUTRAL.
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