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Politics : Idea Of The Day
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To: Bart who wrote (5704)8/12/1997 2:41:00 AM
From: IQBAL LATIF   of 50167
 
Watch out how futures trade today if we take out 951 and close above it you may really see your level back, but what is troubling me is the key break of critical levels yesterday and SSOXx has been showing weakness by taking out 377.

Market needs clear cut direction from Cpi and PPI and we will see a wave up or down, I am sure one of these numbers will bring disappointment but lets see what spin market gives to these numbers, I think that for all intent and purposes market is tired and any rally will be tired and fizzle out soon.I was reading overnight some of the big money reports nearly all Japanese funds expect that 3 months return from US equities will be negative 6% even for 12 months they talk of-9% return.

The problem with this market is that it needs crutches to move forward after every economic number it needs re-assurance from the next wave of numbers and it sells off even at the slightest indication of underlying inflation. This is not a problem with market it is the problem with excessive valuations until these valuations based on corporate earnings straighten up the market will even be afraid from its shadows.One can argue that a fear driven market is a great bull market- perhaps fear at 7200 was ill founded which helped market to propel to these levels but here at 8000-8350 the basis of fear is genuine, every number should confirm AG's scenerio, if it does not we get choppy fluctuations and corrections.
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