MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: Killswitch who wrote (14894)	10/29/2002 10:12:47 AM
From: Killswitch	Read Replies (1) of 19219

SPX really needs to hold around 860 or above this week or else odds will increase significantly of a full retest of the Oct low. I believe that if the UN/Iraq situation plays out over the next two weeks such that the US can't get a deal, or Iraq refuses inspections due to the terms of a new deal then that very well might break the back of this market. No one will want to own stocks heading into a massive headwind of: possible consumer recession, war likely in Jan or Feb at the latest, possible large continuing liquidity outflows from equities from multiple areas (consumer, institutions, Japan possibly due to the new banking reforms). P.S. In other news the Iowa Electronic Market, which runs a futures market on the congressional elections coming up, is still showing the odds slightly favor the Republicans will not be able to control the Senate. This is also a negative for the markets. All in all, November could be a horrible month for the markets if these news flows continue negatively.

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