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Politics : High Tolerance Plasticity

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From: kodiak_bull	1/24/2005 12:01:15 PM
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Next support on the broad markets. I try to read as much from as many sources as possible about the near term and medium term trends. Bad news for bulls is both trends are decidedly down and likely to continue. The Compq looks like it has at least another 50 points of downside and the 1971 level (200 dma, the Oct 2004 high) looks like the next testing level. stockcharts.com[h,a]daclyiay[pb20!b200!f][vc60][iut!Ud20!Ll14]&pref=G The Dow has a similar look and the 10300 level is the next test: stockcharts.com[h,a]daclyiay[pb20!b200!f][vc60][iut!Ud20!Ll14]&pref=G The SPX wants to test 1130 next: stockcharts.com[h,a]daclyiay[pb20!b200!f][vc60][iut!Ud20!Ll14]&pref=G This week's runup to the Iraqi election indicates that our world of uncertainty has another week of high anxiety, and it would be logical to assume that this correction will continue until then (with some traders trying to jump the gun a bit early, others waiting for better signals). After the election, though, no matter how it turns out, there will be a significant wringing of uncertainty out of the market and I expect support to hold and at least a rally of intermediate term to begin. So for 04/05 at least, it looks like we had a Santa Rally but no January Effect. Kb

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