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Strategies & Market Trends : John Pitera's Market Laboratory
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To: Yorikke who wrote (3234)2/9/2001 11:29:57 AM
From: John Pitera  Read Replies (2) of 33421
 
Tony Dwyer points out that Greenspan will come out with a positive rate cut scenario for the traders next
tuesday:

----There is a clear vacuum of any market moving news out there and as a result, the market is drifting lower. It is drifting lower and not higher because the most recent news was a poor earnings report by Cisco (CSCO:Nasdaq). Since then there has been no real important news. What could be the next market moving news? Greenspan speaks on Tuesday.

The Fed does not want to see any further erosion in consumer sentiment. That means he doesn't want any more significant weakness in the markets. How do we know this? Just before the Fed did the surprise rate cut on January 3, Greenspan gave a speech where he made the statement, "Market turmoil may lead excessive economic weakness."

Given that we near the January lows in the Nasdaq, I would expect Greenspan to give more market friendly commentary at his upcoming speech, which should attract the attention of traders given the lack of any other market making news.

As I have outlined (way too much), we are likely to stay in a trading range over the near-term, which means that you buy oversold and not buy overbought. That means today you buy the Nasdaq and wait for the DJIA to pull back.
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