Zeev's Turnips - No Politics Message Board

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Strategies & Market Trends : Zeev's Turnips - No Politics

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To: Zeev Hed who wrote (13909)	12/17/2001 7:17:39 PM
From: Steve Lee	Read Replies (3) of 99280

Your local high might get pushed out by one day IMO. The QQQ trust holder has 3 days to balance the holdings to take account of the new NDX components. This accounted for the performance of Biotechs today, an effect that may well continue into Wednesday. It is telling that this artificial effect, which should be expected to lift the NDX, failed to break the 8 day downtrending channel, especially as the NDX point gain lead over the comp was eradicated by the close. In other words, even the "exogonous event" of the index reshuffle might not be enough in this "broken" (well, nearly <g>) market to make Wednesday higher than tomorrow.

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