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Politics : Idea Of The Day
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To: IQBAL LATIF who wrote (39598)5/10/2001 9:14:27 AM
From: IQBAL LATIF  Read Replies (1) of 50167
 
Market like facts, it is irony that liking facts and digesting facts are two opposite things that market tries to accomplish in a single session more often that not with disastrous results, it is for this that noise should never be traded.

Every day it tries to build the new data, efficient pricing demands that, when more uncertainty is created market breaks the up or down side more than what is required, a weekly data had very little significance but in times like these all those insignificant numbers have come to fore. Last week huge rise in ‘Jobless Claims’ led to a significant decline in the markets that continued next day after a weaker than expected unemployment data and we saw a close at 1248 and test of our support at 1228 but a rally from that low point that was last week,, now with a benefit of hindsight we find that last week increase was an actual aberration, look at the charts and you would find that this sharp decline in the jobless claims will help us recover the losses of the last week. Once market realizes its mistakes it tries to overdo on the other side, today central banks actions and revision of a significant data like weekly jobless claims dropping big will help DOW towards that 11000 number and Comp towards the 2250 resistance, once we are going to break that only PPI will possible make a dent.

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