MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: J.T. who started this subject	7/25/2002 3:03:48 PM
From: High Country Trader	Read Replies (2) of 19219

Is something really bad afoot? I have never been one for doom and gloomers and broken records of the end of the world. But there are some major, major problems in the junk bond market. In spite of yesterday's huge rally in stocks, the junk market was pummeled - just as it has been the past several days. And the damage in junk is now way beyond just the telecom debt. In Europe it's even worse for the junk market. The amount of junk default this year through May in Europe is (believe it or not) greater than the entire period from 1985 through 2001. The only positives here is that Greenspan watches the junk market like a hawk. Had we not had yesterday in the equities market, the Fed may have moved. Now how that would have been interpreted by the stock market is anyone's guess.

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