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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA
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To: J.T. who wrote (6419)2/1/2001 11:10:49 AM
From: David Lee Smith  Read Replies (1) of 19219
 
J.T., I don't see the support on the NDX at 2460. Look at the weekly chart and its more like 2260. The Bank Index indeed looks interesting. It appears that banks are the beneficiaries of lower interest rates, but also more active IPO and junk bond business. My caveat to this thesis is Schab cutting work hours signalling the individual investor is tapped out. That leaves the institutional guys to fill the void. Also, there is the weakness in the economy. All it takes is one major junk bond default to send spreads wider and the market scampering in fear. Look no further to the California utilities and the political gridlock there to see this idea unfold. Also, the Bank index has never reached 1,000. My guess is that we are at or near the top of the Bank Index and heading back to 800-900. Anyhow here is a link that supports the idea of Bank Index new highs.

www2.marketwatch.com
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