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Strategies & Market Trends : 56er's Portfolio Companion

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To: Instock who wrote (317)	11/13/1997 7:49:00 PM
From: James Strauss	Read Replies (1) of 492

New Lows.... Instock: There has been a pretty good correlation between New Lows of 40 or more and market corrections... For the past week, the New Lows on the NYSE have been over 40... This, in context with the overall negative market performance with favorable interest rates is another indication of a market that seems to be topping... The extreme volatility lately speaks to the concerns between both the Bulls and the Bears... Behind the scenes, the International Monetary System is trying to rescue the Asian currencies... Behind the scenes there is fear in Japan regarding the banking system's ability to keep from collapsing if the Nikkei should fall to the 14,000 to 15,000 area... The U.S. is weaved into the global financial mix whether we like it or not... Things beyond our control can affect our markets... The 7000 Dow area will be a key test... We will need to string together a series of positive days to change the negative tone of the market... Even if that happens, the negative conditions in Asia will still persist... Jim

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