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Politics : Idea Of The Day

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To: IQBAL LATIF who wrote (15232)	12/3/1997 1:48:00 AM
From: bobby beara	Read Replies (1) of 50167

Hi, Ike, lots of averages are touching on major resistance bands and earnings warning season is forthcoming. We've had a nice run from the oversold low of November 12th and are now approaching overbought territory. If you follow the McClelland Oscillator, it is now sitting near the same point as October 8th. Monday it seems to me might have been a panic buying blow-off and the first of the month inflows will dry-up within the next several trading days. If your into chart voo-doo, it looks like we are at the right shoulder tip of a H&S on the spx chart. Sox divergence? I think lots of "safe" buying has gone into S&P (probably a lot of foreign money) while speculators have gotten killed in SOX because earnings have not supported p/e ratios. Chips are in a bear market along with, gold and oil. Are these commodities a leading indicator? or is this just a short term consolidation, before the next up move? If these are leading indicators, the bonds will probably be headed the same direction they have been heading for the last 7 months. What do you think? Have you heard from JT? Bob

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